GCC defies recession | Arab News

GCC defies recession | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:

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INTENT: IMF’s Deputy Managing Director Nemat Shafik attends the GCC finance ministers meeting in Riyadh. (AFP)

The GCC has defied global trends of recession, with the economic bloc projected to expand by 4.1 percent in 2014, Nemat Shafik, deputy managing director of the IMF, said on Saturday.
Shafik highlighted the strong macroeconomic performance of GCC member states during a meeting held between GCC finance ministers and central bank governors. The meeting was chaired by Sheikh Ahmed Bin Mohammed Al-Khalifa, Bahrain’s minister of finance.
GCC finance ministers discussed several key issues, including the planned Gulf monetary union, a customs body and a GCC railway project."

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