Director of the IMF Middle East and Central Asia Masood Ahmed pointed out that the losses from the decline in oil prices will translate into fiscal deficits and slowing economic growth, especially in countries such as Saudi Arabia, which are still highly dependent on oil oil. From the raw material it came in last year’s 72 percent. the total revenues of the kingdom.
The expected growth in the six countries of the Gulf Cooperation Council (GCC – Saudi Arabia, Bahrain, United Arab Emirates, Kuwait, Oman and Qatar) this year will reach 1.8 per cent., Against 3.3 per cent. Of GDP in 2015.
In Saudi Arabia, the largest economy of the region, the expected growth is expected to be 1.2 percent. this year to 3.4 percent. last year. The UAE projected increase is to be reduced from 3.9 per cent. last year to 2.4 percent. in 2016.
Huge loss
According to IMF estimates, the loss of regional oil exporters in 2015 totaled 390 billion dollars in the current year, these countries should reckon with a loss of 490 billion dollars to even 540 billion.
oil prices fell to approx. $ 30 per barrel in January to $ 115 in mid-2014.
in view of this situation Fund recommended reforms to reduce public expenditure on social programs for citizens, to which the inhabitants of the Persian Gulf are accustomed. Most GCC countries have already raised prices of fuel, water and energy. With countries outside the Council to raise fees for fuel, electricity and gas has decided to Algeria; Iran raised the fuel prices.
The updated report by the International Monetary Fund was unveiled in Dubai.
PAP, abo
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