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Discussion Starter · #1 ·
15 May 2007
DUBAI -- The Gulf oil-producing economies are expected to grow at a slightly slower pace with gross domestic product surging to $749.6 billion while recording a decline in suruplus in 2007 as oil prices and output drop, the International Monetary Fund said.



The IMF said in it Regional Economic Outlook that region will, however, remain resilient to shocks.


The IMF's Middle East and Central Asia department, Mohsin Khan, said only Saudi Arabia - the largest economy in the Middle East and Central Asia - is expected to register a slightly higher real growth of 4.8 per cent, compared to 4.6 per cent in 2006.


The GDPs of the UAE and Qatar will see real growth of 8.2 per cent and 8 per cent, respectively, compared to 9.7 per cent and 8.8 per cent in 2006, the IMF said. Kuwait's GDP growth, meanwhile, will drop from 5.0 per cent in 2006 to 3.5 per cent in the current year, while Bahrain's economy will be growing at 6.9 per cent compared to 7.7 per cent.


Oman's GDP will grow at almost the same pace as last year, increasing from 5.9 per cent to 6.0 per cent in 2007.


He said GCC economies are expected to register higher GDP, except Kuwait, whose economy will see a drop from $96.1 billion to 95.4 billion.


The size of the Saudi economy is expected to reach $354.9 billion, compared to $348.6 billion in 2006, and the UAE's GDP will reach 186.2 billion compared to $168.5 billion in the previous year.


Qatar will also see its economy expanding to $57.3 billion from 52.7 billion registered in 2006.


Bahrain and Oman - the only non-Opec members in the GCC - are expected to see their economies growing to $17.5 billion and 38.3 billion, respectively, compared to $16.1 billion and 36 billion in 2006.


In total, the GDP in the GCC will grow nominally from $718 billion in 2006 to $749.6 billion in 2007


The IMF official said that non-oil GDP continues to grow in Gulf countries, pointing out that it should be factored in while assessing their economic performance.


"Non-oil GDP has been growing very rapidly. It will still be growing despite the drop in oil-GDP growth. It grew notably by 11.1 per cent in 2006 in the UAE and was expected to grow by 10.1 per cent in 2007, while in Saudi Arabia it is expected to grow 6.9 per cent in 2007, compared to 7.3 per cent in 2006.

BY ISSAC JOHN

© Khaleej Times 2007

http://www.zawya.com/Story.cfm/sidZAWYA20070515041237/SecMarkets/pagMoney
 

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Discussion Starter · #3 ·
^^ yeah hopefully,but look at how the uae is forging ahead,i reckon another 8-10 yrs and it will be the latgest economy in the middle east.
 

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The article seems contradictive.. It says like, Kuwait will grow, but at a slower rate.. Then it says its GDP will actually fall..!

And its very very doubtful it'll reach a trillion by the end of the decade... Lets say 2015 if we're lucky :)
 

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saudia arabia will remain no 1,
but really way to go uae very impressive indeed. shows the other ingredient for success beside having an income to begin with .

ARAB WORLD TOTALL IS 1.6 TRILLION

there is slightly more gdp outside the gulf region ,thats a surprise .:lol:
 

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expected higher growth

It might drop to 2-3% in 2008 and 2009. Then it's expected to grow at 8-10% from 2009 until 2012.
Now that Saudi has opened up its citizenship to expats, this should bring an influx of business minded people and the skilled workers. It is especially attractive to the 50 million muslims in the west.

I can only see the growth accelerating
 

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im so jealouse! why not morocco ..damnnnnnnn
 

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Discussion Starter · #12 ·
Now that Saudi has opened up its citizenship to expats, this should bring an influx of business minded people and the skilled workers. It is especially attractive to the 50 million muslims in the west.

I can only see the growth accelerating
good reasoning,i believe this is gr8 as well.with the opening up of immigration,saudi arabia has taken a very forward thinking and open-minded approach to move ahead and attract quality brains to expand it's economy.i reckon this will boost saudi economy considerably in the long run as people feel a genuine urge to contribute to their homeland.it will be very interesting to watch how this turns out to be.
 

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The change in immigration policies will indeed leave a positive impact on the Saudi economy in the long run. But the growth in the coming years will be due to the industrial expansion plans that the government and private sector is taking. I remember reading that thetotal new investments in various industries are worth more than $ 200 billion.
 

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numbers may look good but only on paper lets be realistic, whole Arab GDP + North African thats 280 million people if you take away oil and gas exports is less than that of Spains and wealth divide in arab world highest for any region and % of poor is also higher

read last years arab human develpment report numbers in education, health, etc etc are very low

Arab countries have some of the lowest levels of research funding in the world, military spending as usual take stop priority having large GDP for sake of GDP means nothing unless people are benifited especially the poor e.g Iraq
 

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numbers may look good but only on paper lets be realistic, whole Arab GDP + North African thats 280 million people if you take away oil and gas exports is less than that of Spains and wealth divide in arab world highest for any region and % of poor is also higher

read last years arab human develpment report numbers in education, health, etc etc are very low

Arab countries have some of the lowest levels of research funding in the world, military spending as usual take stop priority having large GDP for sake of GDP means nothing unless people are benifited especially the poor e.g Iraq
We are talking about GCC and not the Arab World
 

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Discussion Starter · #18 ·
is there any difference? its all arab after all, and people are taking of combined arab GDP so i assume it means all arabs and not just GCC
yes it does make a difference as we r talkin about a region here rather than the whole cumulative arab race.
 

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nice. shud reach the trillion dollar mark by 2015. but i wonder wether these figures are GDP purchasing power parity or GDP nominal?

secondly, what is the deal with kuwait? it will have a lower growth rate of 3.5% but the GDP is actually dropping!!! makes me wonder about the credibility of this article :nuts:
 

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The IMF's Middle East and Central Asia department, Mohsin Khan, said only Saudi Arabia - the largest economy in the Middle East and Central Asia - is expected to register a slightly higher real growth of 4.8 per cent, compared to 4.6 per cent in 2006.
What's the right way of measuring the size of an economy? And is the Saudi economy bigger than Iran's and Pakistan's economies?
 
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