Middle East Economic Survey


No 28



NBK Lowers GCC Credit Growth Expectations As Banks Struggle

Large sectors of GCC banking appear to be struggling, as bank lending remains weak and institutions hold on to large amounts of idle cash, the National Bank of Kuwait (NBK) has said in an Economic Brief. As such, credit to the private sector is expected to grow by just 3-5% in 2010, down from an initial projection of 8%, as a recovery in bank lending takes longer than...