Despite heightened regional geopolitical risks, four out of six GCC countries and the UAE in particular are poised to witness robust economic growth this year in comparison to the previous year, revealed a study by Dubai Chamber of Commerce and Industry.
The latest International Monetary Fund (IMF) data, combined with data from national authorities, indicated that the UAE will see a year on year GDP growth of 4.5 percent in 2012 while Kuwait, Oman and Bahrain will record a year on year growth of 4.9 percent, 4 percent and 3 percent in 2012 respectively. The study said that upward trajectory of oil prices should strengthen the fiscal and current account balances of GCC countries.
In Saudi Arabia, Kuwait and the UAE, larger fiscal surpluses and greater accumulation of reserves are projected. As such, for the GCC as a whole, IMF projects that fiscal and current account surpluses will stand at 13.1 percent and 22.2 percent of GDP in 2012 respectively.
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