Free Headline Alerts     
Worldwide Web WorldTribune.com

  breaking... 


Tuesday, March 3, 2009

Report see Gulf oil economies shrinking in 2009

ABU DHABI — The economies of the Persian Gulf oil producing states were expected to shrink in 2009, a report said.   

Banc of America Securities-Merrill Lynch said the economies of Kuwait, Saudi Arabia and the United Arab Emirates would decline amid the sharp drop in the price of oil and the global credit crisis.

The report said the gross domestic product of these GCC states would drop by up to 1.8 percent in 2009.

"The credit crunch and deepening global recession in the fourth quarter have brought about a sea change in the underlying emerging markets macro story," Banc of America said.

Also In This Edition


The investment firm said all Gulf Cooperation Council economies with the exception of Kuwait would post a budget deficit in 2009 should the price of oil average $45 per barrel.

The report said Saudi Arabia's GDP would drop by 0.2 percent in 2009, followed by 0.6 percent in the UAE and 1.8 percent in Kuwait. The economies, led by Saudi Arabia, were expected to rebound in 2010.



About Us     l    Contact Us     l    Geostrategy-Direct.com     l    East-Asia-Intel.com
Copyright © 2009    East West Services, Inc.    All rights reserved.