Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

IMF Urges GCC Economies to Diversify for Stronger Growth  Join our daily free Newsletter

MENAFN - Qatar News Agency - 05/06/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Qatar News Agency) Wait city june 05 (qna) - upgrades in development indicators reaffirm strong growth of gcc economies but greater economic diversification is needed to absorb oil markets volatility a senior executive said.

imf deputy managing director min zhu said "gcc countries have grown strongly and seen huge improvements in their development indicators but they remain susceptible to fluctuations in oil markets.

"they need greater economic diversification to boost productivity living standards create jobs and reduce fiscal and external risks associated with the heavy reliance on oil revenues." the prevailing growth model in the gcc has achieved a rapid improvement in human development indicators but has also resulted in a decline in relative economic performance.

the main features of this growth model are the reliance on oil as the main source of export and fiscal revenuesthe dependence of the private sector on expatriate labour and the concentration of economic activity in the low skilled non-tradable sector he added.



the imf mentions uae airports and seaport infrastructure development saudi arabia's economic cities qatar's commercial airline bahrain's aluminum industry and smes in kuwait and oman as gcc success stories of diversification.

panellists examined the rationale for diversification the imf said. some argued that diversification away from oil and other extractive industries would lead to higher long-term growth more jobs for the young and growing populations less dependence on returns from sovereign wealth funds.

others pointed to evidence that growth and diversification are positively correlated as diversified economies are less likely to experience economic volatility due to external or internal unfavourable economic conditions. (qna)


 


Qatar News Agency




  MENA News Headlines
 Mar 23 2017 - Kuwait- EU welcomes resumption of Syria talksKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, March 23 (KUNA) -- The European Union welcomed Thursday the resumption of talks between the Syrian parties in Geneva this week as an "essential step on ...

 Mar 23 2017 - Kuwait- French FM warns against tide of global dangersKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) PARIS, March 23 (KUNA) -- French Foreign Minister Jean-Marc Ayrault on Thursday warned against the rising tide of global dangers, illustrated by the terrorist ...

 Mar 23 2017 - Kuwait- London attack underscores dynamic environment in Europe - top military officialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, March 23 (KUNA) -- A senior US military official stressed here Thursday that the attack in London underscores the "dynamic environment" in Europe. ...

 Mar 23 2017 - Kuwait- KFAED, Ivory Coast sign KD 5-mln loan agreementKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, March 23 (KUNA) -- The Kuwait Fund for Arab Economic Development (KFAED) and Ivory Coast have signed a loan agreement worth KD five million (USD 17 ...

 Mar 23 2017 - Kuwait- Economic, social council agrees draft agenda of Arab summitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) DEAD SEA, Jordan, March 23 (KUNA) -- The Arab Economic and Social Council concluded its senior-level meeting here on Thursday after working out draft resolutions ...

 Mar 23 2017 - Kuwait- UNSC extends Panel of Experts assisting DPRK's sanctions' cmteKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, March 23 (KUNA) -- UN Security Council renewed the mandate of the Panel of Experts assisting the sanctions' committee amid the threat the Democratic ...

 Mar 23 2017 - Kuwait- Senate confirms David Friedman as US ambassador to IsraelKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, March 23 (KUNA) -- The Senate on Thursday confirmed attorney David Friedman as the Trump administration's new US ambassador to Israel with a 52-46 ...

 Mar 23 2017 - Kuwait- UNSC calls for immediate ceasefire in S. SudanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, March 23 (KUNA) -- UN Security Council called Thursday for immediate adherence to the permanent ceasefire by all parties to the conflict in South Sudan. ...

 Mar 23 2017 - Kuwait- UNSC condemns DPRK's ballistic missile testsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, March 23 (KUNA) -- UN Security Council strongly condemned the ballistic missile test-launch and missile engine test, recently conducted by the ...

 Mar 23 2017 - Kuwait- Briefing of KUNA main news for Thursday until 00:00 GMTKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BAGHDAD - "Kuwait beside You" campaign distributes assistance to displaced Iraqi widows. DEAD SEA - The Arab Economic and Social Council approves ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help