GCC economies to grow 5.3%

JEDDAH – The Gulf Cooperation Council (GCC) member economies are expected to post an average growth rate of 5.3 percent in 2012 while the pace of the global economic recovery remains hesitant and uncertain against the backdrop of mixed indicators, Gulf Investment Corporation (GIC) said in its monthly economic report titled “Global Economic Recovery Remains Hesitant” released Sunday.

It said firm oil prices and continued fiscal expansionary policies have supported robust growth in the GCC during 2012. According to the EIU, real GDP growth in 2012 is expected to reach 5.5 percent for Kuwait, 5.0 percent for Oman, 7.0 percent in Qatar and 5.5 percent for Saudi Arabia.


Article by Links Group on May 7th 2012