Middle East Economic Survey


No 13



GCC Can Weather Financial Crisis Despite Lowered Growth Rate, Says Samba

The combined effect of the global credit crunch and the steep fall in oil prices has significantly affected the economy of the Gulf Cooperation Council (GCC) states, causing a sudden halt to a long economic boom in the third quarter of 2008. Although the outlook is challenging, the GCC is better positioned to weather the crisis than many other economies, says a...