IMF chief predicts growth for Mideast's oil-rich countries
By The Associated Press
Published: 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
TribLive commenting policy
- Sign-language ‘interpreter’ pulls off fraud on world stage
- Chinese drink pesticide in protest
- U.S. dire on full pullout from Afghanistan if deal not signed
- U.S. suspends nonlethal aid to Syrian opposition
- Indian court upholds anti-gay law
- Nukes an ‘equalizer’ to conventional U.S. attacks
- Autobahn toll plan attracts backlash
- Pope Francis is Time’s Person of the Year
- Legendary French piano maker shuts doors after 206 years
- Becoming extra wife is fantasy in Kazakhstan
- Egypt strikes a perilous repose