The International Monetary Fund (IMF) expects the Arab Gulf countries to witness an acceleration of growth of 1 percent annually this year and next, driven by their relentless efforts to diversify their economies and reduce dependence on oil.
Dr. Jihad Azour, Director of the IMF's Middle East and Central Asia Department, predicted that "economies in general in most countries in the region will recover this year. The improvement will be stronger in oil exporters, specifically the Gulf states."
"Gulf countries have benefited greatly from the diversification of their economies, which has helped them maintain sustainable growth rates of 3 percent to 5 percent over the past three to four years," he said.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
