'Gulf economies to grow at 'good rates' despite worst global turmoil'

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RIYADH, Oct 27 (Xinhua): Finance ministers and central bank governors from six oil-rich Gulf Arab nations met Saturday to examine the impact of the global financial turmoil on their economies and seek for a joint response.
The policy-makers of the Gulf Cooperation Council (GCC) reiterated their confidence in the stability of the financial sector of the regional bloc "due to its solvency and strength in addition to the good domestic economic situation," said a statement issued at the end of the emergency meeting.
The officials expected the Gulf economies to continue to grow at "good rates" despite the worst global financial crisis since the Great Depression in the 1930s, said the statement.
The participants of the meeting "lauded the banking control regulations of the GCC countries and their role in the protection and safety of the banking system which enjoys a great amount of liquidity and efficiency of capital," it said.
They stressed the importance of boosting coordination among the six countries to monitor the development of the financial crisis, which originated in the United States and is now taking its toll on Europe, the statement added.
The participants also praised the measures taken by the GCC countries to deal with any possible effects of the international financial crisis and readiness to take any additional measures, said the statement.
Founded in 1981, the GCC, which groups Saudi Arabia, Kuwait, Qatar, Oman, Bahrain and the United Arab Emirates, has been striving to achieve wide-ranging cooperation among member states in face of internal and international challenges.