The International Monetary Fund had announced the increase of its forecasted economic growth for the GCC to 4.4% for 2014. The multilateral financial agency had predicted the oil rich Gulf states to expand by 3.78% for its May report.
Despite such conservative estimates, IMF Deputy Managing Director Nemat Shafiq had said the growth in the GCC would pick up by 2014. He said the growth would be related "as oil production rises and non-oil sector benefits from the large infrastructure projects being implemented."
The aggregate economic growth to be achieved for 2013 would be at 3.7%. This was the pronouncement made by Shafiq during a meeting with finance ministers from the GCC as well as governors in Riyadh last Saturday. The said announcement was reported by Arab News.
Shafiq said, "(The) GCC continued to be one of the most performing economies." She added the bloc achieved 'an exceptional growth' of 6.4% in the past couple of years. There was also mention of the Gulf's contributions to other county's economies through remittances from overseas contract workers located in the region.
Join the Conversation