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Do the Gulf Oil-Producing Countries Influence Regional Growth? The Impact of Financial and Remittance Flows
Author:
Mr. Nadeem Ilahi
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and
Riham Shendy null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2008: Issue 167
Language:
English
Publication Date:
01 Jul 2008
DOI:
https://doi.org/10.5089/9781451870251.001
ISBN:
9781451870251
ISSN:
1018-5941
Pages:
17
Keywords:
WP; remittance; GCC remittance outflow; GDP; current account
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper tests the association between the Gulf Cooperation Council (GCC) countries' financial and remittance outflows and regional growth in the Middle East. The findings, based on 35-year panel data, indicate that growth rates of real GDP, private consumption and private investment in regional countries are strongly associated with remittance outflows from and the accumulation of financial surpluses in the GCC. Unlike in other developing and emerging market countries, growth in regional countries is not influenced by growth in the North, and is not export led. Linkages with the GCC could help sustain output growth in the regional countries in the face of the global economic slowdown and oil price shocks and could provide diversification gains to international capital seeking markets uncorrelated with Northern and emerging market countries.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund