Oxford Economic Country Briefings, March 3rd, 2008
Highlights and Key Issues * Although the official 7% growth forecast for 2008 assumes an improbably early return on current oil sector investment, high oil prices and increasing non-oil trade with the GCC will underpin continued solid expansion in 2008-09. Downside risks to banks from slower growth and stabilising land prices are offset by their strong external position. * The pick-up in inflation, to almost 5% in Q4, has renewed internal pressure to revalue the exchange rate. While still rejecting any realignment against the US$, the authorities have left scope for a one-off change if the G...
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