Middle east and central asia is published annually in the. Imf world economic outlook weo update, january 2015. Prospects of the gcc economy for the years 2018 2019. Growth in the gcc region is slowing as countries initiate fiscal. Oecd ilibrary oecd economic outlook, volume 2015 issue 1. Harald finger, deputy division chief in the regional studies division, middle east and central asia department, international monetary fund.
The outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances. The recent announced budget figures for 2015 by the saudi ministry of finance. Amid higher oil prices, gcc economic growth and public finances. Overall, however, net fdi remains well below prearab spring inflows and is projected to recover to those levels only late in the forecast period. The regional economic outlook report by international monetary fund imf.
Remittances to the region increased in 2014 by about 3 percent. Reo, covering countries in the middle east and central asia department mcd of the imf, provides a broad overview of recent economic developments in 2015 and prospects and policy issues for 2016. Over the past ten to 12 years, the gulf cooperation council gcc region, which comprises bahrain, kuwait, oman, qatar, saudi arabia and the united arab emirates, has undergone rapid economic, demographic and social changes. Gcc gdp in constant prices, is forecast to grow by 2. Intragulf cooperation council journal of economic integration. Armani hotel, dubai agenda day one tuesday, december 16th 09. Gulf economic update world bank documents world bank group. The gcc in 2020 outlook for the gulf and the global economy. In emerging market and developing economies, growth is projected to remain broadly stable at 4. Risks around this forecast are broadly balanced in the near term, but are skewed to the downside over the medium term. Gcc regional 21 83 66 92 71 96 103 114 128 3 168 185 105 71.
Gcc economies to do well in 2015 and 2016, with nonoil sectors. Learning to live with cheaper oil amid weaker demand. Gcc nonoil growth to maintain healthy pace in 2015. The gulf coopera on council gcc countries face a challenging global environment. Imf, world economic outlook database, october 2019. Sami al qamzi, director general, dubai department of economic. The economic outlook and policy challenges in the gcc countries. The positive impact more than offset by the negative effects of various cyclical and policy factors. Regional economic outlook international monetary fund. For more details, see the january 2015 world economic outlook update at. World economic situation and prospects 2015 the united nations. Table 1 the role of oil in gcc countries government revenues. In the outlook period, the global economy is expected to expand at a slightly faster but still only moderate pace, with world gross product wgp projected to grow by 3. Deloitte gcc powers of construction 2015 construction.