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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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The IMF surprises the world: the wealth of the Gulf states may be depleted in 15 years

rocky
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The IMF surprises the world: the wealth of the Gulf states may be depleted in 15 years Empty The IMF surprises the world: the wealth of the Gulf states may be depleted in 15 years

Post by rocky Fri 07 Feb 2020, 1:47 am

The IMF surprises the world: the wealth of the Gulf states may be depleted in 15 years

The IMF surprises the world: the wealth of the Gulf states may be depleted in 15 years 8888
  
(International: Al Furat News) The International Monetary Fund said on Thursday that the Gulf Arab states - which are among the richest countries in the world - may see their financial wealth running out within the next fifteen years in light of the decline in oil and gas revenues unless the pace of financial reforms is accelerated.
[size=15][rtl][size=21]The six Gulf Cooperation Council states - whose monetary fund estimates a net worth of $ 2 trillion - contribute more than a fifth of the world's oil supply, but the region's economies have been hit hard by the drop in oil prices in 2014 and 2015.[/rtl]


[rtl]While low crude prices press governments to collect revenues from non-oil resources and remedy their financial conditions, “the impact of low oil and gas revenues has not yet been fully offset,” the IMF said in a report.[/rtl]

[rtl]He added, "In light of the current financial situation, the existing financial wealth of the region may be exhausted in the next fifteen years."[/rtl]

[rtl]The Washington-based international lender said global oil demand could peak in 2040 or sooner if regulatory efforts to protect the environment and rationalize energy consumption are strengthened.[/rtl]

[rtl]He added, "All the countries of the Gulf Cooperation Council realize the fixed nature of the challenge they face ... However, the expected speed and size of these financial control measures in most countries may not be sufficient to stabilize their wealth."[/rtl]

[rtl]For decades, the Gulf states mobilized their wealth of energy resources to provide employment opportunities for millions of citizens, within the framework of a social contract whereby rulers rewarded political compliance and academic achievement for life-long jobs.[/rtl]

[rtl]But private sector jobs with high wages that require little effort from workers have resulted in lower productivity and a culture of eligibility without justification, as well as high costs with population growth.[/rtl]

[rtl]Budgets are further depleted by generous public spending on subsidies, social services, and pensions.[/rtl]

[rtl]And the governments of the Gulf states embarked on austerity measures, but only gradually to prevent social unrest, so I took steps such as the introduction of value-added tax in some countries. But most of them still have difficulty balancing fiscal discipline and growth.[/rtl]

[rtl]The IMF said that the introduction of value-added tax and selective taxes was a positive step: “There is a great opportunity for this progress to take a basis that can be built upon.[/rtl]

[rtl]“As the region shifts towards a non-oil economy, its shift from diversified fees to less widespread taxes, for example, may bring in much-needed income diversification.”[/rtl]

[rtl]The fund said last month that Kuwait - which owns one of the largest sovereign funds in the world - may need funding of about $ 180 billion over the next six years in the absence of more radical financial measures.[/rtl]

[rtl]Expects Saudi Arabia, the largest Arab economy and the largest oil exporter in the world, a deficit size of $ 50 billion this year, up from $ 35 billion in 2019. ended[/rtl]
[rtl]Ammar Al-Masoudi[/rtl]


[rtl]https://alforatnews.com/news/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D9%8A%D9%81%D8%A7%D8%AC%D8%A6-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85-%D8%AB%D8%B1%D9%88%D8%A9-%D8%AF%D9%88%D9%84-%D8%A7%D9%84%D8%AE%D9%84%D9%8A%D8%AC-%D9%82%D8%AF-%D8%AA%D9%86%D9%81%D8%AF%C2%A0%D9%81%D9%8A-15-%D8%B9%D8%A7%D9%85%D8%A7%D9%8B
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