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Middle East Looking Positive after Global Downturn

Middle East : 21 April 2010

Middle East countries have shown an overall growth of 1.4% in 2009 despite the world climate it was announced yesterday at a one day conference which was organized by Coface in conjunction with Kuwait Arab Investment and Export Credit Guarantee Corporation.

In the world overall Gross Domestic Product declined by 5.8 percentage points and this was composed of a decrease of 3.6 percentage points in the Middle East and 3.9 percentage points in Asia.

Many analysts are assuming that the most promising conditions are in the up and coming countries in Asia but in actual fact it is the countries in the Middle East region that are actually performing the best at present.

It was the UAE that appears to have fared the worst as its growth rate fell by 8.8 percentage points in 2009 and this was closely followed by Iran which decreased by 7.6 percentage points.

It was also predicted at the conference that the economies within the Gulf Cooperation Council can expect growth rates of approximately 3 to 3.5% in 2010 which is in comparison to growth rates of 6 and 6.5% among the emerging world countries.

Another analyst stated that the region was just beginning to re-attract international funding following the severe contraction of funds experienced during the credit crunch crises.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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