GCC and Maghreb on right track

by Daniel Stanton Sunday, 13 May 2007

The GCC and Maghreb countries are leading the way when it comes to economic reform in the Middle East and Central Asia, according to a study released today by the International Monetary Fund (IMF).

Related Stories

Mohsin Khan, director of the IMF's Middle East and Central Asia department, said: "All countries in the region would benefit from more developed financial institutions and deeper markets, and increased integration with neighbouring countries. The need to efficiently utilise the region's large savings has made this especially important. Encouraging progress is being made in several countries, including in the GCC and Maghreb."
He added that most oil producing countries in the region have put in place policies to diversify their economies and strengthen their financial sectors, but said that more still needed to be done.

Khan also pointed out that the decline in the GCC stock markets last year had served to benefit other markets in the region.

He said: "In the Gulf Cooperation Council (GCC) countries, stock market corrections that started in early 2006 have continued, but outflows from these markets have benefited some other regional markets, especially those in the Maghreb countries."

The Middle East and Central Asia region has a positive economic outlook in the short term, but faces a battle to reduce unemployment, the report continued.

Khan said: "The key policy challenge for the region is to sustain or even accelerate growth, in order to make significant inroads into reducing poverty and unemployment. Strong growth has not yet generated sufficient jobs for the rapidly expanding labour force, and poverty rates have not yet declined much, even in the rapidly growing low-income countries."



Search Property (1909 listed)



Enter a Development, City, Real Estate Agent or Developer name
Property Type
Added to Site
Price Range
to
Bedrooms
Area (in sqft)
to
to

Quick Links(Residental)