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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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    Fitch: Fitch deficit in most of the Gulf countries this year

    Rocky
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    • Post n°1

    Fitch: Fitch deficit in most of the Gulf countries this year Empty Fitch: Fitch deficit in most of the Gulf countries this year

    Post by Rocky Tue 27 Apr 2021, 7:49 am

    Fitch: Fitch deficit in most of the Gulf countries this year
    [size=11]Posted: 27.04.2021 | 09:55 GMT |[You must be registered and logged in to see this link.][/size]



    Credit rating agency Fitch said that the extended impact of the Covid-19 pandemic and the sharp drop in oil prices last year will lead to deficits for most Gulf governments.
    It is expected that countries in the region will witness an improvement in their financial conditions thanks to the recovery of oil prices and the easing of production restrictions, but the deficit will remain large, especially in Kuwait and Bahrain.
    "We expect only Abu Dhabi and Qatar to achieve a fiscal surplus," Fitch said in a report. The agency expects Abu Dhabi to record a 1.1% fiscal surplus and Qatar to record 2.4% of GDP. While it expected Saudi Arabia, the largest economy in the Gulf, to suffer a deficit of 5.3 percent.
    "The high oil prices needed to achieve a fiscal balance show the scale of the fiscal reform challenges, and most of them remain much higher than the current or expected oil prices."
    It also expected Brent to average $ 58 this year, but its long-term forecast is at $ 53.
    Fitch's estimates indicated that Bahrain needs a price of about $ 100 a barrel to achieve a balance in the 2021-2022 budget, Kuwait needs more than $ 80, and Saudi Arabia and Oman need about $ 70.
    Today, Brent barrel is trading at around $ 66.
    In addition to oil revenues, the Coronavirus continues to put pressure on the coffers of the Gulf states, and some countries have re-imposed restrictions on economic activity.
    "A new wave of infections continues to impede growth in income from abroad, public finance, employment and GDP," Fitch said.
    Source: Reuters
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