TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

IMF chief predicts growth for Mideast's oil-rich countries

Daily Photo Galleries

By The Associated Press
Saturday, Oct. 6, 2012, 5:32 p.m.
 

RIYADH, Saudi Arabia — The head of the International Monetary Fund said on Saturday that the economies of the oil-rich countries of the Gulf Cooperation Council will continue to enjoy high growth rates, although at reduced rates.

Christine Lagarde, the managing director of the IMF, praised the GCC nations' management of oil prices and reserves, and lauded their financial contribution to the transition of Arab countries after the uprisings that have rattled local economies.

She said that while other Arab economies are challenged, the six nations of the GCC — Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman — are enjoying growth that reached its highest level in eight years in 2011 at 7.5 percent.

An IMF official, who spoke on condition of anonymity in line with the organization's policy, said that after the GCC's strong performance in 2011, growth in the nations' non-oil sectors is expected to slow as fiscal stimulus eases, but to remain high by historical standards at around 6.5 and 5.6 percent in 2012 and 2013, respectively.

 

 
 


Show commenting policy

Most-Read Stories

  1. Parent finds body in parking lot of Stanton Heights elementary school, prompting lockdown
  2. Son charged in dismemberment death of Penn Hills couple
  3. Steelers lookahead: Chiefs’ Charles injured but remains dangerous threat
  4. Penguins testing Fleury, Maatta, Bortuzzo for mumps
  5. Braddock man admits to role in drug ring
  6. Ex-Pittsburgh mayoral candidate back in jail
  7. Squirrel Hill lawyer suspended from practicing until September
  8. Pitt coach Chryst expected to take Wisconsin job
  9. Penguins defenseman Letang having best season in new system
  10. Audit: Finances put future of Philly’s historic Cheyney University in doubt
  11. Pa. attorney general charges 10 in ‘massive fraud, kickback scheme’ at PennDOT
Subscribe today! Click here for our subscription offers.