IMF chief predicts sustainable Gulf growth

Associated Press Modified: October 6, 2012 at 10:46 am •  Published: October 6, 2012
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RIYADH, Saudi Arabia (AP) — The head of the International Monetary Fund said Saturday that the economies of the oil-rich countries of the Gulf Cooperation Council will continue to enjoy high growth rates, although at reduced rates.

Christine Lagarde, the managing director of the IMF, also praised the GCC countries' management of oil prices and reserves, and lauded their financial contribution to the transition of Arab countries following the uprisings that have rattled local economies.

"I would like to stress the important, positive role the GCC countries play in the broader Middle East and North Africa region, and the world at large," Lagarde said after a meeting of the six-nation GCC, which counts Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman as members.

"The generous financial aid the GCC has provided to some of the Arab countries undergoing transition is helping those countries through a very difficult period," she said. "And, at the global level, GCC countries' oil policy has helped stabilize oil markets and counter price pressures that could have inflicted serious damage on the world economy."

She said that while other Arab economies are challenged, the GCC countries are enjoying growth that reached its highest level in eight years in 2011 at 7.5 percent.



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