The economic boom in the Gulf Cooperation Council states (GCC) and the strength of many emerging market economies are in stark contrast to the significant slowdown currently being seen in the mature economies growth, the Institute of International Finances Chairman Josef Ackermann said on Saturday at the 11th Annual IIF CEO Meeting hosted by the Dubai International Financial Centre (DIFC).
“Overall, the shocks in the mature economies’ markets have at least until now led to a relative repricing of risk, favouring some countries and sectors, especially emerging markets,” says Ackermann.
“Unlike many previous crisis, the shocks experienced in Western markets have not cascaded down through the global credit, foreign exchange and money markets, although we have seen some significant corrections in the equity markets,” he adds.
Ackermann also outlined the initiatives that the IIF has taken to address aspects of the financial crisis, along with the economic and financial developments in the GCC member states.