Monday, 19 October 2009

The Recession is over...maybe.

Yesterday started with an announcement by the Finance ministers and central bank governors from all six GCC countries that “The Recession is Over” (crowd cheers). At 1pm I went to lunch and by the time I came back one of the Middle East’s leading business figures was warning that “the region faces a “second wave” of economic contraction”. What happened in the preceding few hours?
Its no wonder residents of Dubai take everything they read in the local media with a very liberal grain of salt!.

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