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Economic growth is slightly improving as oil prices stabilise and GCC governments cut spending
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 Washington-based lender hailed it as progress in efforts to transform economies that have relied on hydrocarbons for more than five decades, expecting GCC to record a current account surplus in 2017 as oil prices recover.
"This more favourable global environment, together with some firming of commodity prices, is providing some welcome breathing space for the region after what has been a difficult period," said IMF Middle East and Central Asia Department Director Jihad Azour at the report’s launch in Dubai.
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.
"The United Arab Emirates and Saudi Arabia’s strategic visions show a strong commitment toward diversifying investments and finding new revenue engines. These plans would need to be complemented by policies to boost the role of the private sector like the recently opened Kuwait Business Center and to attract more foreign investment."
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