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Non-oil growth in GCC likely to pick up this year

11 Feb 2017

(MENAFN) Institute of International Finance (IFF), the GCC region’s non-oil growth is expected to pick-up 2.4 percent in 2017 and 3.2 percent in 2018 due to easing of fiscal consolidation and the modest recovery in oil prices.

The GCC has responded to the sharp deterioration in fiscal accounts by launching much-needed fiscal reforms, and the sizeable fiscal consolidation underway, combined with a gradual recovery in oil prices, should put fiscal positions on a more sustainable footing.

IFF analysts said: “We expect that about half of the financing requirement will be met through domestic borrowing, a third by external borrowing, and the remainder by drawing down on foreign assets, although there is significant variation in financing strategies among the six countries.”

MENAFN1102201700450000ID1095241774

MENAFN1102201700450000ID1095241774

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