Despite the enormous wealth at its disposal, the Gulf has proved more vulnerable to global recession than many other emerging markets, according to HSBC Global Research.
GCC economies are now set for recovery as favourable conditions are finally in place and it will be Saudi Arabia, Qatar and Abu Dhabi leading the way, the bank's outlook report said.
“However, our concerns are focussed on the downside risks to recovery, particularly the possibility that credit growth will be slow,” said David Bloom, global head of FX strategy, and Simon Williams, chief economist, Gulf markets.
No comments:
Post a Comment