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S&P: Growth benefits sovereigns
Middle Eastern, North African and Central Asian sovereigns continued to benefit from strong real economic growth, averaging more than 6% and improved creditworthiness, according to a report published today by Standard & Poor's.
Their ratings, however, remain constrained by low fiscal flexibility and geopolitical risks, the agency said. Sustained high commodity prices have spurred economic growth in the Gulf countries and Kazakhstan, as both public and private investment increased. Although the majority of this investment has been in the oil sector, significant public and private expenditure in other sectors has also been witnessed in countries such as Oman, Saudi Arabia and Qatar, S&P said, where efforts to diversify the economy have been redoubled.
Turkey, Morocco, Jordan, Egypt and Israel all enjoyed strong real investment growth in 2006 - a trend that has been boosted by increased intra-regional investment by oil-exporting Arab countries.
However, S&P said ratings in many countries in the region are constrained by a lack of fiscal flexibility and/or underperformance on the budget.
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