Publication: Gulf Economic Monitor, June 2017: Sustaining Fiscal Reforms in the Long-Term
Abstract
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.
Link to Data Set
Citation
“World Bank Group. 2017. Gulf Economic Monitor, June 2017: Sustaining Fiscal Reforms in the Long-Term. © World Bank. http://hdl.handle.net/10986/27473 License: CC BY 3.0 IGO.”