An eminent economist warned yesterday that the world had already slipped into recession, but said the Gulf countries would remain positive. Is it true?
The GCC states have large dollar surpluses so they do not need investment inflows. The banking system here (barring a big Kuwaiti bank which had failed) is safe, said Dr Adhip Chaudhuri, professor of economics at Georgetown University.
Delivering a talk on ‘Globalisation of the Financial Crisis’ at the Texas A&M University at the Education City here, Chaudhuri said: “A deep global recession is not only unpreventable, it is already on. The situation is going to be ugly, particularly as the US economy is likely to be hit hard in the days to come.”
The Gulf region, Chaudhuri said, was going to remain positive due to large dollar surpluses.
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