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Oil, spending cuts prop GCC economic growth, says IMF

Oil, spending cuts boost GCC economic growth copy

 

DUBAI / WAM

Spending cuts and a relative stability in oil prices are helping GCC states record a current account surplus, the International Monetary Fund (IMF) said on Tuesday.
The IMF’s Regional Economic Outlook for the Middle East and Central Asia, released on 2nd May in Dubai, emphasises that the countries will need to continue with plans to diversify their economies and implement policies that support jobs and productivity, like education and infrastructure reforms.
“Growth is slightly improving in the countries of the Middle East and North Africa region, largely driven by higher oil prices and improved export prospects.” The region’s oil exporting economies need to continue diversifying away from hydrocarbons into non-oil sectors to ensure consistent and sustainable growth, added the report.

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