Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries
Policy Papers, October 16, 2012
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Bibliographic details
- Published: October 16, 2012
- Series: Policy Papers
Summary
- The already sluggish global recovery has suffered new setbacks and uncertainty weighs heavily on prospects.
- The euro area crisis intensified in the first half of 2012 and growth has slowed across the globe, reflecting financial market tensions, extensive fiscal tightening in many countries, and high uncertainty about medium-term prospects.
- Activity is forecast to remain tepid and bumpy, with a further escalation of the euro-area crisis or a failure to avoid the “fiscal cliff” in the United States entailing significant downside risk.
Risks and Outlook
- Major downside scenarios:
- Further escalation of the euro-area crisis.
- Failure to avoid the “fiscal cliff” in the United States.
- Expected path:
- Global activity described as “tepid and bumpy” given current tensions and policy tightening.
Key Drivers of Slowdown (as identified in the text)
- Financial market tensions.
- Extensive fiscal tightening in many countries.
- High uncertainty about medium-term prospects.
Subjects and Analytical Focus
- Banks
- Cooperation Council for the Arab States of the Gulf
- Economic growth
- Economic indicators
- Europe
- Fiscal policy
- Fiscal risk
- Middle East
- Monetary policy
- North Africa
- Spillovers
Publication and Access Notes
- Publication date: October 16, 2012
- Format indicated: Download PDF
- Citation provided: Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries, (USA: International Monetary Fund, 0) accessed 9/18/2026
- Related IMF access point referenced: Our eLibrary offers over 25,000 IMF publications in multiple formats.
Source: IMF policy paper landing page for "Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries."