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FINANCIAL NEWS
GCC project USD275b deficit in exports’ income
09 Nov 2015
(MENAFN) The Gulf Cooperation Council (GCC) is anticipated to witness a deficit of USD275 billion in export revenues this year on the back of lower oil prices, as the available data shows.
According to the International Monetary Fund (IMF); total development pace in the region is forecasted to decrease to 3.2 percent in 2015 and more 2.78 percent over 2016.
In order to deal with this major problem; the Gulf nations need to strengthen fiscal policy through higher non-oil tax and energy prices as well as control over public division wages.
However, practical policies over the past decade have enabled them to build up financial buffers, which avoid the need for a “sudden or disruptive” adjustment in fiscal policy.
More News
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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