Fitch: Middle East's sovereign ratings to remain stable in 2010.

By bne IntelliNews September 15, 2010
The international rating agency Fitch Ratings said the Middle East's sovereign ratings remain on stable outlook this year. The average GDP growth for the region is expected to be around 4% this year. Oil rich countries announced large fiscal stimulus plans to stand the negative impact of the financial crisis which resulted in a drop in oil production, while non-oil exporters are believed to have stable economies due to increased foreign trade especially with Europe. Fitch expected GCC's fiscal and current account to post surpluses this year if oil prices remained within their range of USD 70-80 per barrel.

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