Equity markets in the region have outperformed both developed and developing countries and, with a low correlation with main asset classes, are poised to emerge even stronger in the next one to two years, a senior executive of an asset management company has said.
Middle East and Africa being the "only regions" in the world with reserves higher than debt, (debt is eight per cent while reserves are 22 per cent of the GDP in Middle East against the world average of 146 per cent for debt and 12 per cent for GDP) have greater flexibility to deal with the current challenges. "Until the middle of 2008, these markets quite significantly outperformed global markets and in the coming one-two years would show much higher growth," Zin Bekkali, Chief Executive Officer of Silk Invest, told Emirates Business.
The economic crisis marks the ushering in of a new phase where economies of Asia, Africa and the Middle East would emerge new growth champions, said Bekkali.
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