Language:
English
Pages:
1 Online-Ressource
Series Statement:
Economic Updates and Modeling
Keywords:
Business Cycles and Stabilization Policies
;
Coronavirus
;
COVID-19
;
Disease Control and Prevention
;
Economic Growth
;
Energy
;
Fiscal and Monetary Policy
;
Gulf Cooperation Council
;
Health, Nutrition and Population
;
Macroeconomics and Economic Growth
;
Oil and Gas
;
Public Sector Development
;
Public Sector Reform
Abstract:
The economic outlook for the Gulf Cooperation Council (GCC) economies appears far rosier now than it did even six months ago. Increased investment and consumption both public and private are contributing to growth while inflation remains subdued in most economies except for Saudi Arabia where it is currently at 5.5 percent and expected to fall sharply as the impact of last year's Value-Added Tax (VAT) hike falls away. Despite this rosy picture, the authorities should continue to follow the path of prudent macroeconomic management consolidating their fiscal balances, moving ahead with the introduction of VAT in Qatar and Kuwait and focusing on reducing the role of the state in economic management. UAE's government related entities especially those in the construction sector deserve a careful review to ensure that their borrowing remains sustainable and to adjust to the new conditions
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