Friday, 1 January 2010

LEBANON: World Bank sees 9 percent decline in outward remittances from GCC in 2009

Growth expected to rebound in 2010 after period of economic protraction

BEIRUT: According to the World Bank, cash transfers from the GCC are expected to slow down in 2009 before picking up again in 2010 due to a projected improvement in oil prices and better global economic prospects. The World Bank said the slowdown in 2009 is due to slackening economies and layoffs from private and public sector companies. The World Bank report was published by Bank Audi’s MENA Weekly Monitor.

The World Bank forecasts a decline of around 9 percent in remittances from GCC this year due to drop in economic activity and higher cost of living. However, there are emerging signs of a bottoming out and the economies reviving.

According to the revised projections by the World Bank, global economic growth is expected to rebound to 2 percent in 2010 and 3.2 percent by 2011 after an expected contraction of 2.9 percent 2009. Read more

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