Fiscal Adjustment In The Gulf Countries Less Costly Than Previously Thought

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Fiscal Adjustment in the Gulf Countries: Less Costly than Previously Thought

Author : Mr.Armand Fouejieu
Publisher : International Monetary Fund
ISBN 13 : 1484361571
Total Pages : 27 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Fiscal Adjustment in the Gulf Countries: Less Costly than Previously Thought by : Mr.Armand Fouejieu

Download or read book Fiscal Adjustment in the Gulf Countries: Less Costly than Previously Thought written by Mr.Armand Fouejieu and published by International Monetary Fund. This book was released on 2018-06-13 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates fiscal multipliers for the Gulf Cooperation Council (GCC) countries. Using OLS panel fixed effects on a sample of six countries from 1990-2016, results indicate that GCC fiscal multipliers have declined in recent years which would make the on-going fiscal consolidation less costly than previously thought. Though both capital and current multipliers have declined in recent years, capital multipliers are larger than current multipliers, which implies that reducing (less productive) current spending will help limit the adverse impact of such measures on growth.

Fiscal Adjustment in the Gulf Countries: Less Costly than Previously Thought

Author : Mr.Armand Fouejieu
Publisher : International Monetary Fund
ISBN 13 : 1484363272
Total Pages : 27 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Fiscal Adjustment in the Gulf Countries: Less Costly than Previously Thought by : Mr.Armand Fouejieu

Gulf Cooperation Council

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498346219
Total Pages : 35 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Gulf Cooperation Council by : International Monetary Fund

Download or read book Gulf Cooperation Council written by International Monetary Fund and published by International Monetary Fund. This book was released on 2017-12-14 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: growth in expenditure, GCC governments have started to implement significant fiscal consolidation measures, but more needs to be done. Rapid population growth and booming oil revenues led to large increases in government spending in the GCC in the decade to 2014, which now stands high by international standards. This expenditure is dominated by compensation of employees and other current spending which are large in percent of GDP compared to Emerging Market (EM) countries and other oil exporters. This keeps overall spending above levels consistent with long-term fiscal sustainability and intergenerational equity. The international experience with large fiscal adjustments provides some key lessons for GCC countries. This experience suggests that growth outcomes improve when fiscal adjustments are sustained as part of credible multi-year fiscal plans, rely on expenditure more than revenue adjustment, and lead to improvements in expenditure composition (away from current outlays to more productive spending) and the structure of revenue (away from direct to indirect taxation). Successful fiscal adjustments also tend to be part of wider structural reforms that support growth.

The Gulf Cooperation Council at Forty

Author : Tarik M. Yousef
Publisher : Brookings Institution Press
ISBN 13 : 0815739540
Total Pages : 312 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis The Gulf Cooperation Council at Forty by : Tarik M. Yousef

Download or read book The Gulf Cooperation Council at Forty written by Tarik M. Yousef and published by Brookings Institution Press. This book was released on 2023-02-22 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: All of the GCC countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—are undergoing historic socio-economic transitions. They are facing enormous strains on public finances and challenging economic outlooks, due to fluctuating oil prices, demographic pressures, high unemployment rates, and a lack of economic diversification. These countries also are likely to feel the rising impact of climate change, and global policies to deal with it, over the coming decades. In addition, seemingly unstoppable shifts in the long-standing international order, notably the rise of China and uncertainties about U.S. leadership, have potentially serious implications for the Middle East and beyond. This by noted scholars and experts considers the key trends shaping Gulf Cooperation Council (GCC) countries--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirate-- ranging from the COVID-19 pandemic, to climate change, economic disruptions, demographics and other domestic concerns, and shifts in the global order. The book’s chapters address such questions as: How will global megatrends impact the GCC? How can GCC states adjust and diversify their economies to meet the dual challenges of fluctuating oil prices and climate change? How can these states adjust their labor markets to absorb and support women and youth? How will inter GCC disagreements impact the region moving forward? And how will GCC relations with international actors shift in the coming years? This timely book, with its comprehensive analyses and policy recommendations, will be of interest to a wide range of readers interested in the GCC region, including policymakers, academics, and researchers at think tanks and nongovernmental organizations.

The Economy of Saudi Arabia in the 21st Century

Author : John Sfakianakis
Publisher : Oxford University Press
ISBN 13 : 0192609335
Total Pages : 354 pages
Book Rating : 4.1/5 (926 download)

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Book Synopsis The Economy of Saudi Arabia in the 21st Century by : John Sfakianakis

Download or read book The Economy of Saudi Arabia in the 21st Century written by John Sfakianakis and published by Oxford University Press. This book was released on 2024-03-28 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about Saudi Arabia's efforts to overhaul its economy and the numerous prospects and challenges it faces in doing so. As one of the world's leading oil producers, the outcomes of the most ambitious wave of reforms Saudi Arabia has ever undertaken will provide valuable lessons not only for the kingdom itself but also for other oil-dependent and resource-based economies. Since 2016, Saudi Arabia has embarked on an unparalleled economic - if not social and political - transformation project with an ultimate aim of diversifying away from oil. New sources of growth such as tourism, industry, and entertainment have been identified, but it remains to be seen whether these will be enough to sustain the economy in the post-oil era. Reforms, including lowering energy subsidies, instituting VAT, and introducing indirect taxes on labor and businesses, have already produced notable results. Looking ahead, the economy requires rigorous and continuous processes of severe competition amongst its private sector participants as well as strong institutions. It also requires creative destruction to be allowed to run its course within the wider economy. The economic reform experiment undertaken by Saudi Arabia remains the most sweeping among emerging market economies - and certainly in the entire Middle East. The changes are all encompassing and involve a complex redrawing of the political, economic, religious, and social map.

The Future of Oil and Fiscal Sustainability in the GCC Region

Author : Mr.Tokhir N Mirzoev
Publisher : International Monetary Fund
ISBN 13 : 1513525905
Total Pages : 55 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis The Future of Oil and Fiscal Sustainability in the GCC Region by : Mr.Tokhir N Mirzoev

Download or read book The Future of Oil and Fiscal Sustainability in the GCC Region written by Mr.Tokhir N Mirzoev and published by International Monetary Fund. This book was released on 2020-02-06 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: The oil market is undergoing fundamental change. New technologies are increasing the supply of oil from old and new sources, while rising concerns over the environment are seeing the world gradually moving away from oil. This spells a significant challenge for oil-exporting countries, including those of the Gulf Cooperation Council (GCC) who account for a fifth of the world’s oil production. The GCC countries have recognized the need to reduce their reliance on oil and are all implementing reforms to diversify their economies as well as fiscal and external revenues. Nevertheless, as global oil demand is expected to peak in the next two decades, the associated fiscal imperative could be both larger and more urgent than implied by the GCC countries’ existing plans.

U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter?

Author : Mr.Olumuyiwa S Adedeji
Publisher : International Monetary Fund
ISBN 13 : 1513525735
Total Pages : 15 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter? by : Mr.Olumuyiwa S Adedeji

Download or read book U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter? written by Mr.Olumuyiwa S Adedeji and published by International Monetary Fund. This book was released on 2019-12-27 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides empirical evidence that the size of the spillovers from U.S. monetary policy to non-oil GDP growth in the GCC countries depends on the level of oil prices. The potential channels through which oil prices could affect the effectiveness of monetary policy are discussed. We find that the level of oil prices tends to dampen or amplify the growth impact of changes in U.S. monetary policy on the non-oil economies in the GCC.

Sustainable Prosperity in the Arab Gulf

Author : Jarmo T. Kotilaine
Publisher : Taylor & Francis
ISBN 13 : 100092176X
Total Pages : 359 pages
Book Rating : 4.0/5 (9 download)

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Book Synopsis Sustainable Prosperity in the Arab Gulf by : Jarmo T. Kotilaine

Download or read book Sustainable Prosperity in the Arab Gulf written by Jarmo T. Kotilaine and published by Taylor & Francis. This book was released on 2023-08-16 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tracing the development journey of the Arabian Gulf region with a forward-looking perspective, this book describes how a combination of good fortune, creative experimentation, and determination has enabled the region to achieve prosperity. Today, the Arabian Gulf is well positioned to assume a pivotal role in the new global order. Forced to balance an extreme climate and acute resource constraints, but also an exceptional location, the region’s progress and prosperity have historically been precarious and vulnerable to external shocks. Efforts to transcend resource dependency have typically involved proactive attempts to enable other economic activities. This book argues that, while conventional economic diversification is making headway, the Gulf region is in fact amidst a far more holistic transformation that positions it for a pivotal role in the emerging multipolar global order. It now offers globally competitive regulations and world-class infrastructure at the heart of the Old World, flanked by two fast-growing continents. It has become the hub of choice for a growing share of inter-continental flows of people, trade, and capital, and has established strong economic ties in all directions. This book shows how, despite many risks and challenges, the region possesses the forward-looking vision and necessary resilience that can finally liberate it from its long-standing "resource curse" and a development paradigm that looks likely to provide the foundation for sustained well-being in the decades ahead. The scope and rigor of the book make it suitable as a reference on the Arabian Gulf and for those interested in global affairs and economic development, as well as policymakers and the business community.

Regional Economic Outlook, October 2019, Middle East and Central Asia

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 : 1513516906
Total Pages : 75 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Regional Economic Outlook, October 2019, Middle East and Central Asia by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book Regional Economic Outlook, October 2019, Middle East and Central Asia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2019-11-06 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth in the near term remains subdued for oil exporters in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, amid volatile oil prices, precarious global growth, elevated fiscal vulnerabilities, and heightened geopolitical tensions. In addition, declining productivity is dampening medium-term growth prospects. To reduce dependence on oil prices and pave the way for more sustainable growth, fiscal consolidation needs to resume, underpinned by improved medium-term fiscal frameworks. In parallel, structural reforms and further financial sector development would boost foreign direct investment (FDI) and domestic private investment and foster diversification, thus contributing to improved productivity and potential growth.

Regional Economic Outlook, November 2018, Middle East and Central Asia

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484375386
Total Pages : 80 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Regional Economic Outlook, November 2018, Middle East and Central Asia by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book Regional Economic Outlook, November 2018, Middle East and Central Asia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2018-10-24 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: As in other regions in the world, countries in MENAP and CCA regions are exposed to tightening in global financing conditions and ongoing global trade tensions. The former has already begun to impact several emerging market economies in MENAP and could have more severe implications should financial market sentiment suddenly deteriorate. Escalating global trade tensions will have a limited direct and immediate impact on these regions but could impart significant strains over time through negative effects on trading partners and through market confidence effects.

Qatar

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Qatar by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book Qatar written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2024-02-07 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues

2022 FIFA World Cup

Author : Aidyn Bibolov
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis 2022 FIFA World Cup by : Aidyn Bibolov

Download or read book 2022 FIFA World Cup written by Aidyn Bibolov and published by International Monetary Fund. This book was released on 2024-02-21 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Qatar hosted the 2022 FIFA World Cup (WC) successfully and took the opportunity to further develop its non-hydrocarbon economy. Near-term contributions to Qatar’s economy, from visitors’ spending and WC-related broadcasting revenue, of up to 1 percent of GDP was comparable to cross-country experiences. The event generated positive regional economic spillovers as a sizeable share of spectators stayed in and commuted from neighboring GCC countries. Longer-term contributions were significant—the large investment in general infrastructure ahead of the WC drove much of the non-hydrocarbon sector’s growth in the past decade. The high-quality infrastructure and global visibility brought by the WC should be leveraged to further promote diversification and achieve the National Vision 2030.

Stress Testing at the IMF

Author : Mr.Tobias Adrian
Publisher : International Monetary Fund
ISBN 13 : 1513520741
Total Pages : 73 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Stress Testing at the IMF by : Mr.Tobias Adrian

Download or read book Stress Testing at the IMF written by Mr.Tobias Adrian and published by International Monetary Fund. This book was released on 2020-02-05 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explains specifics of stress testing at the IMF. After a brief section on the evolution of stress tests at the IMF, the paper presents the key steps of an IMF staff stress test. They are followed by a discussion on how IMF staff uses stress tests results for policy advice. The paper concludes by identifying remaining challenges to make stress tests more useful for the monitoring of financial stability and an overview of IMF staff work program in that direction. Stress tests help assess the resilience of financial systems in IMF member countries and underpin policy advice to preserve or restore financial stability. This assessment and advice are mainly provided through the Financial Sector Assessment Program (FSAP). IMF staff also provide technical assistance in stress testing to many its member countries. An IMF macroprudential stress test is a methodology to assess financial vulnerabilities that can trigger systemic risk and the need of systemwide mitigating measures. The definition of systemic risk as used by the IMF is relevant to understanding the role of its stress tests as tools for financial surveillance and the IMF’s current work program. IMF stress tests primarily apply to depository intermediaries, and, systemically important banks.

When Can Oil Economies Be Deemed Sustainable?

Author : Giacomo Luciani
Publisher : Springer Nature
ISBN 13 : 9811557284
Total Pages : 365 pages
Book Rating : 4.8/5 (115 download)

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Book Synopsis When Can Oil Economies Be Deemed Sustainable? by : Giacomo Luciani

Download or read book When Can Oil Economies Be Deemed Sustainable? written by Giacomo Luciani and published by Springer Nature. This book was released on 2020-09-30 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book questions the stereotype depicting all Gulf (GCC) economies as not sustainable, and starts a critical discussion of what these economies and polities should do to guarantee themselves a relatively stable future. Volatile international oil markets and the acceleration of the energy transition has challenged the notion that oil revenues are sufficient to sustain oil economies in the near to medium term. But what is the meaning of economic sustainability? The book discusses the multiple dimensions of the concept: economic diversification, continuing value of resources, taxation and fiscal development, labor market sustainability, sustainable income distribution, environmental sustainability, political order (democracy or authoritarianism) and sustainability, regional integration. The overarching message in this book is that we should move on from the simplistic branding of the Gulf economies as unsustainable and tackle the details of which adaptations they might need to undertake.

Subsidy Reform in the Middle East and North Africa

Author : Mr.Carlo A Sdralevich
Publisher : International Monetary Fund
ISBN 13 : 1498350437
Total Pages : 130 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Subsidy Reform in the Middle East and North Africa by : Mr.Carlo A Sdralevich

Download or read book Subsidy Reform in the Middle East and North Africa written by Mr.Carlo A Sdralevich and published by International Monetary Fund. This book was released on 2014-07-09 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.

Gulf Cooperation Council Countries (GCC)

Author : Samya Beidas-Strom
Publisher :
ISBN 13 : 9781484383315
Total Pages : pages
Book Rating : 4.3/5 (833 download)

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Book Synopsis Gulf Cooperation Council Countries (GCC) by : Samya Beidas-Strom

Download or read book Gulf Cooperation Council Countries (GCC) written by Samya Beidas-Strom and published by . This book was released on 2011-10-02 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Departmental papers are usually focused on a specific economic topic, country, or region. They are prepared in a timely way to support the outreach needs of the IMF’s area and functional departments.

Economic Diversification in the GCC

Author : Mr.Tim Callen
Publisher : International Monetary Fund
ISBN 13 : 1498303234
Total Pages : 32 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Economic Diversification in the GCC by : Mr.Tim Callen

Download or read book Economic Diversification in the GCC written by Mr.Tim Callen and published by International Monetary Fund. This book was released on 2014-12-23 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil market, help create jobs in the private sector, increase productivity and sustainable growth, and help create the non-oil economy that will be needed in the future when oil revenues start to dwindle. The GCC countries have followed many of the standard policies that are usually thought to promote more diversified economies, including reforms to improve the business climate, the development of domestic infrastructure, financial deepening, and improvements in education. Nevertheless, success to date has been limited. This paper argues that increased diversification will require realigning incentives for firms and workers in the economies—fixing these incentives is the “missing link” in the GCC countries’ diversification strategies. At present, producing non-tradables is less risky and more profitable for firms as they can benefit from the easy availability of low-wage foreign labor and the rapid growth in government spending, while the continued availability of high-paying and secure public sector jobs discourages nationals from pursuing entrepreneurship and private sector employment. Measures to begin to address these incentive issues could include limiting and reorienting government spending, strengthening private sector competition, providing guarantees and financial support for those firms engaged in export activity, and implementing labor market reforms to make nationals more competitive for private sector employment.