IMF says economic growth in GCC to remain subdued
27 December, 2017 | By COLIN FOREMAN
Medium-term growth prospects in the GCC remain subdued amid relatively low oil prices and geopolitical risks, according to a report by the Washington-based IMF issued on 14 December.
The IMF says non-oil GDP growth in the GCC will increase to 2.6 per cent this year, from 1.8 per cent last year, while lower oil output means overall real GDP growth is projected to slow to 0.5 per cent in 2017, from 2.2 per cent in 2016.
Non-oil growth has accelerated as the pace of fiscal consolidation in the region, which was mainly focused on reducing expenditure, slows.
The IMF says countries in the GCC should continue to rationalise recurrent expenditures, conduct further energy price reforms, increase non-oil revenues, and introduce measures to improve the efficiency of capital spending.
Private sector investment will also need to be encouraged to offset lower government spending and maintain growth. The IMF says this requires stepped-up reforms to improve the business climate and reduce the role of the public sector in the economy through privatisation and public-private partnerships.
Globally, the IMF says economic activity is gaining momentum. Global growth is forecast at 3.6 per cent this year, and 3.7 per cent in 2018, compared with 3.2 per cent in 2016. It adds that the more positive global growth environment should support stronger oil demand.
The transit system will connect Dubai International Financial Centre, Downtown Dubai, Business Bay and City Walk
Dubai’s Roads & Transport Authority (RTA) has received approval for a series of projects, including ...
Airport projects are continuing in spite of Covid-19, but the outlook for schemes under tender is now clouded with uncertainty
While Covid-19 has challenged the outlook for upcoming airport projects, the ...
First Hyperloop TT section to cater to Alghadeer on the border of Abu Dhabi and Dubai
Abu Dhabi-based Aldar Properties has signed a memorandum of understanding (MoU) with US-based Hyperloop Transport ...
The economic stimulus package approved in June has been followed by a flurry of tendering activity
Abu Dhabi’s construction sector was given a boost in early June when Crown Prince Sheikh ...
Construction work at the Expo 2020 site at Dubai South is steadily progressing
The Expo 2020 site’s location on the outskirts of the city means most people living in Dubai do ...
There has been a fundamental shift in the way that the economies of the region operate
There has been a fundamental change in the business landscape of the GCC since the ...
The IMF’s most recent report on the UAE expressed satisfaction with the country’s economic prospects and government policies as the nation emerges from the oil price slump in a strong ...
UAE infrastructure minister highlights importance of intermodal transport
Exclusive interview: Research partnerships and Big Data are key to the future of transport investment, says the UAE’s Minister of Infrastructure Development Abdullah ...
Cuts to government infrastructure spending may not be as disappointing in the future
Dubai’s budget for 2019 was a disappointing one for the projects sector, with 22.6 per cent less spending ...
Expo and stimulus spending could lift non-oil GDP growth to 3 per cent in 2020
The Washington-based IMF has said the UAE’s non-oil GDP growth could accelerate to 3 per cent ...
Dubai ruler approves series of transport and public
Mixed forecast for airport projects
Abu Dhabi developer plans to implement hyperloop
Resurgent Abu Dhabi creates new challenges for construction
Work at Dubai Expo 2020 site keeps contractors
Projects are now looking for investors not contractors
UAE on the rise with higher oil earnings
Ten Minutes into the Future of Infrastructure
Dubai’s switch from strategic to tactical infrastructure could
IMF expects UAE’s non-oil GDP growth to accelerate
27 December, 2017 | .By COLIN FOREMAN