Gulf Economic Monitor, June 2017 : Sustaining Fiscal Reforms in the Long-Term
This first edition takes a close look at recent economic developments and short-term prospects for Gulf countries. It also includes forecasts for the individual Gulf nations and an analytical section that explores structural reform priorities in th...
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| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/481401497357173169/Sustaining-fiscal-reforms-in-the-long-term http://hdl.handle.net/10986/27473 |
| Summary: | This first edition takes a close look at
recent economic developments and short-term prospects for
Gulf countries. It also includes forecasts for the
individual Gulf nations and an analytical section that
explores structural reform priorities in the region. The
Monitor describes a region where green shoots of recovery
are emerging, helped by a partial recovery in global energy
prices over the past year. The salutary effect on public
finances, along with past fiscal consolidation efforts are
providing the space for governments to slow fiscal austerity
and also buoying investor sentiment. Accordingly, aggregate
growth in GCC countries is expected to rise from 1.3 percent
in 2017—the weakest pace since 2009—to 2.6 percent in 2019
supported by a gradual strengtheningof activity in the
non-oil sector and as oil prices stabilize at close to
current levels. Fiscal and current account deficits are also
on the mend, but are unlikely to return to the double-digit
surpluses of the commodity boom years. |
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