GCC economies are expected to slip into a recession in 2009 as a result of the severe deterioration in the global economic scene, said the National Bank of Kuwait (NBK) in a report on Saturday.
The report entitled "GCC: Fiscal stimulus and reforms are optimal choice under current circumstances," said however, that it was fortunately that GCC economies were "well positioned to face the storm."
"The dominance of their public sectors in economic activity should provide a measure of stability, including on the employment (of nationals) front. More importantly, all GCC countries have the capacity to pursue expansionary fiscal policies without putting pressure on their financial positions, thanks to the large surpluses of previous years," it said.
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