Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries; IMF Country Report No. 23/413; December 5, 2023

Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries

December 14, 2023

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Format: Chicago

Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries, (USA: International Monetary Fund, 2023) accessed December 21, 2024

Also available in: العربية

Summary

The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation. Oil production – which depends on OPEC+ decisions – will be subdued in the near term. Inflation is contained and current account surpluses are high. Fiscal balances remain healthy, supported by fiscal reforms and high oil prices. The primary non-oil deficits are expected to decrease to 24 percent of GDP by 2028, with higher non-oil revenue reflecting sustained fiscal and structural reforms and contained expenditures. High global uncertainty is weighing on the outlook.

Subject: Climate finance, Environment, Financial statements, Inflation, Monetary policy, Oil prices, Political economy, Prices, Public debt, Public financial management (PFM)

Keywords: Centrality indices, Climate finance, Financial market, Financial statements, GCC Countries, GCC country, GCC net, GCC's acceleration, Global, Gulf Cooperation Council, Inflation, Middle East, Oil prices, OPEC, Policies in the GCC

Publication Details

Pages:

74
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2023/413
Stock No:

1GCCEA2023001
ISBN:

9798400263279
ISSN:

1934-7685

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