Kuwait sees 4-5% economic growth in 2010

25 Mar 2010

(MENAFN) Kuwait’s central bank expected that the country’s gross domestic product (GDP) to grow 4 to 5 percent this year, after an expected contraction of 1.5 to 2 percent in 2009, Reuters reported.

The bank’s governor, Sheikh Salem Abdul-Aziz Al-Sabah, said that the worst was over for Kuwaiti banks, which would see more credit growth in the coming period. He described the country’s banking system as in great condition.

Sheikh Al-Sabah also hoped that the UAE and Oman would rejoin the planned Gulf monetary union.

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