Emirates NBD Foresees Cautious Growth in GCC

Published: 26/01/2010

Senior executives at Emirates NBD Bank have said this week that the GCC economies will see cautious growth during 2010. The bank predicts an average growth of between 3 – 4% this year compared to the last. It foresees real GDP growth this year of 2.5% for the UAE, 3% for Saudi Arabia, 1.5% for Kuwait, 3% for Oman, 2.5% for Bahrain and 10% for Qatar.

Chief economist at Emirates NBD Tim Fox has said that the growth will be relatively cautious. He added that although the global recovery is certainly under way, economies will not fully resume their trend growth rates too soon before 2011.