The surplus of Arab Gulf states may turn into a deficit in 2017 if they continue with their spending plans, the International Monetary Fund (IMF) said in a report on Monday.
“Along with continued increases in government spending, fiscal and external surpluses are, with unchanged policies, projected to decline in 2013 and beyond, with the combined fiscal surplus turning to deficit around 2017,” stated the report.
Financial Year
The IMF’s findings hailed the Gulf countries’ expansionary fiscal policies which helped the region to withstand the global financial crisis but said the need for continued fiscal stimulus was diminished.
Budget DeficitWhile the Gulf States enjoyed high oil prices, the black gold’s production and income are expected to fall slightly this year.“Based on future prices, the latest projection in the World Economic Outlook has crude prices declining gradually over the medium term, falling below $100 per barrel in 2015,” it said. Read More: english.alarabiya.net
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