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Gulf Cooperation Council Economies Set to Grow in 2010

Middle East : 13 March 2010

According to Middle East Experts from the International monetary fund it is the New-York Gulf economies that are set to see the most growth this year according to their March analysis that was just recently published.

Last year Non-oil growth of gross domestic was estimated at 2.8 % and this year the recovery in overall growth for 2010 is predicted to be noticeably stronger among many regions which is said to include the United Arab Emirates, Bahrain, Saudi Arabia, Qatar, Kuwait and Oman.

While the GCC’s short-term economic outlook is still largely stunted by the continuing global crisis the region’s medium-term outlook will be much more stable and encouraging this will be largely helped by the rise of prices for many commodities.

However all analysts agree that this positive shift still rests predominantly on the regions ability to streamline financial operations by continuing to clean up bank balance sheets, be vigilant, cautious and ensuring the restructuring of non-bank companies will also be necessary. There is still a very delicate balance to be maintained in overcoming past bad debts and exercising investment caution in the immediate future.

For the longer term it is still paramount to continue to put pressure on GCC conglomerates and government related businesses to disclose their dealings and restructure their methods of management.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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