Home
IMF expects non-oil sector growth in Gulf to continue
[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]
Economy News - Follow-up
[rtl]The International Monetary Fund expects that the non-oil sector in the Gulf countries will continue the growth path it has achieved in recent years during the current and next two years, while the Director of the Middle East and Central Asia Department at the Fund, Jihad Azour, considered that this sector will be the engine of growth in these countries.[/rtl]
[rtl]In an interview with Asharq Al-Awsat on the sidelines of the announcement of the Regional Economic Outlook Report for the Middle East and Central Asia, Azour pointed out that the sector has witnessed “continuity” over the past years, despite the fluctuations in oil prices, considering that this is a result of economic diversification strategies whose pace was “acceptable or relatively high, when compared to the global growth rate.”[/rtl]
[rtl]The fund estimated that non-oil sector growth in the Gulf countries would reach 3.7% this year, accelerating to 4% next year, the same estimates it made in its World Economic Outlook report issued earlier this month.[/rtl]
[rtl]Azour believed that the continued growth in the non-oil sector in the Gulf countries is due to major factors, namely the policies and reforms adopted by these countries, which contributed to raising the level of productivity, in addition to their investment in promising sectors, in addition to "the rapid ability to emerge from the Corona crisis, and this distinguished the Gulf countries from the rest of the world."[/rtl]
[rtl]IMF expects Saudi economic growth to accelerate in 2025 - Asharq[/rtl]
[rtl]As for the future, Azour pointed out that the economic diversification process focuses on four axes: the first is focusing on promising sectors such as artificial intelligence and climate; the second is adding new sectors to the economy, citing the entertainment sector in Saudi Arabia as an example; the third is investing in “human infrastructure,” which he considered “contributed very significantly to the Saudi economy,” such as reducing unemployment levels and increasing women’s participation; and finally, increasing “the process of diversifying countries’ incomes, which allows the Gulf countries to be less in need of oil revenues.”[/rtl]
[rtl]The Fund estimated that growth in the Gulf countries would reach 1.8% during the current year, and would accelerate next year to 4.2%. It expects inflation rates to reach 1.8% during the current year, and 1.9% during the next year.[/rtl]
[rtl]Oil prices have been volatile this year, impacting the economies of producing countries. For example, the Iranian missile attack on Oct. 1 restored the war premium on oil, sending the West Texas Intermediate benchmark above $75 a barrel earlier this month. Still, prices are down about $20 from the first session after the Oct. 7 attack that sparked the conflict last year.[/rtl]
[rtl]In this context, Azour pointed out that the change in oil prices affects the economies of oil-producing countries, and “the volume of exports is added to the equation,” considering that “the non-oil sector in producing countries is affected by the quantity of production,” thus “prices are part of the equation, and the quantity of production is another part, especially after the extension of the OPEC+ agreement.”[/rtl]
[rtl]Last September, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman agreed to extend their additional voluntary oil production cuts of 2.2 million barrels per day for two months until the end of November 2024.[/rtl]
[rtl]All eyes are now on OPEC+'s plans to gradually restore production starting in December, with traders divided over whether the alliance will go ahead with its plan. Reuters quoted unidentified sources as saying that OPEC+ may postpone plans to restore oil production in December, while the alliance has not issued any statement or position.[/rtl]
[rtl]Azour pointed out that continuing to implement the OPEC+ agreement would support price stability, but reduce the ability to export and produce, which has "an impact on the oil GDP, the balance of payments or external accounts, and reserve ratios."[/rtl]
[rtl]He added that what should be considered in oil countries is the size of the non-oil sector and the way it grows, and "here we see sustainable growth of about 3.5 to 4.5% over the past years," expecting this growth to continue. [/rtl]
[/size]
[rtl]Volatility in oil prices will mainly affect government spending in the Gulf countries, which could cast a shadow over the growth of the non-oil sector. [/rtl]
[rtl]In this context, Azour saw that government spending was and still is essential in building a superior digital infrastructure in the Gulf, and it is one of the elements of competitiveness that all economic sectors benefit from today. It also contributed during the Corona period to keeping the economic movement going, which distinguished these economies and maintained growth levels, calling for "continuing these investments that create differential advantages and a fundamental technological superiority for the future."[/rtl]
[rtl]He also saw that private investments also play an important role, considering that they are not only for financial purposes, but also for “technological purposes and knowledge transfer”, given the latter’s role in building competitiveness in the future. [/rtl]
[rtl]Azour considered that the region is moving from "regional competition to global competition," which requires "empowering human and capital capabilities, and openness, which we also see through participation with economic blocs," encouraging the Gulf countries to "increase economic integration."[/rtl]
[rtl]Azour did not neglect to talk about BRICS and the accession of countries from the region to it, as he pointed out that “our region is strategic in terms of geography, resources and connectivity,” and therefore, “everything that can be done to expand the region’s ability to participate in large blocs in a world witnessing economic and political tensions and divisions is beneficial.”[/rtl]
[rtl]He stressed that the location of the countries of the region allows them to play the role of "a point of attraction in light of a period of global tension, which would be a tributary to growth not only for the Gulf countries, but for the Arab economies as well."[/rtl]
[/size]
[rtl]As for the Middle East and North Africa, the Fund expected growth to reach 2.1% this year, accelerating to 4% next year.[/rtl]
[rtl]It is noteworthy that the Fund has significantly reduced inflation expectations, now expecting them at 14.8% this year, and 11.6% next year. [/rtl]
[rtl]Azour considered that the crises witnessed by the region affect its economies, and this justifies the difference in expectations between one region and another.[/rtl][/size]
40 views
Added 10/31/2024 - 12:21 PM
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]
Economy News - Follow-up
[rtl]The International Monetary Fund expects that the non-oil sector in the Gulf countries will continue the growth path it has achieved in recent years during the current and next two years, while the Director of the Middle East and Central Asia Department at the Fund, Jihad Azour, considered that this sector will be the engine of growth in these countries.[/rtl]
[rtl]In an interview with Asharq Al-Awsat on the sidelines of the announcement of the Regional Economic Outlook Report for the Middle East and Central Asia, Azour pointed out that the sector has witnessed “continuity” over the past years, despite the fluctuations in oil prices, considering that this is a result of economic diversification strategies whose pace was “acceptable or relatively high, when compared to the global growth rate.”[/rtl]
[rtl]The fund estimated that non-oil sector growth in the Gulf countries would reach 3.7% this year, accelerating to 4% next year, the same estimates it made in its World Economic Outlook report issued earlier this month.[/rtl]
[rtl]Azour believed that the continued growth in the non-oil sector in the Gulf countries is due to major factors, namely the policies and reforms adopted by these countries, which contributed to raising the level of productivity, in addition to their investment in promising sectors, in addition to "the rapid ability to emerge from the Corona crisis, and this distinguished the Gulf countries from the rest of the world."[/rtl]
[rtl]IMF expects Saudi economic growth to accelerate in 2025 - Asharq[/rtl]
[rtl]As for the future, Azour pointed out that the economic diversification process focuses on four axes: the first is focusing on promising sectors such as artificial intelligence and climate; the second is adding new sectors to the economy, citing the entertainment sector in Saudi Arabia as an example; the third is investing in “human infrastructure,” which he considered “contributed very significantly to the Saudi economy,” such as reducing unemployment levels and increasing women’s participation; and finally, increasing “the process of diversifying countries’ incomes, which allows the Gulf countries to be less in need of oil revenues.”[/rtl]
[rtl]Gulf countries' economic growth[/rtl]
[size][rtl]The Fund estimated that growth in the Gulf countries would reach 1.8% during the current year, and would accelerate next year to 4.2%. It expects inflation rates to reach 1.8% during the current year, and 1.9% during the next year.[/rtl]
[rtl]Oil prices have been volatile this year, impacting the economies of producing countries. For example, the Iranian missile attack on Oct. 1 restored the war premium on oil, sending the West Texas Intermediate benchmark above $75 a barrel earlier this month. Still, prices are down about $20 from the first session after the Oct. 7 attack that sparked the conflict last year.[/rtl]
[rtl]In this context, Azour pointed out that the change in oil prices affects the economies of oil-producing countries, and “the volume of exports is added to the equation,” considering that “the non-oil sector in producing countries is affected by the quantity of production,” thus “prices are part of the equation, and the quantity of production is another part, especially after the extension of the OPEC+ agreement.”[/rtl]
[rtl]Last September, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman agreed to extend their additional voluntary oil production cuts of 2.2 million barrels per day for two months until the end of November 2024.[/rtl]
[rtl]All eyes are now on OPEC+'s plans to gradually restore production starting in December, with traders divided over whether the alliance will go ahead with its plan. Reuters quoted unidentified sources as saying that OPEC+ may postpone plans to restore oil production in December, while the alliance has not issued any statement or position.[/rtl]
[rtl]Azour pointed out that continuing to implement the OPEC+ agreement would support price stability, but reduce the ability to export and produce, which has "an impact on the oil GDP, the balance of payments or external accounts, and reserve ratios."[/rtl]
[rtl]He added that what should be considered in oil countries is the size of the non-oil sector and the way it grows, and "here we see sustainable growth of about 3.5 to 4.5% over the past years," expecting this growth to continue. [/rtl]
[/size]
[rtl]Government spending[/rtl]
[size][rtl]Volatility in oil prices will mainly affect government spending in the Gulf countries, which could cast a shadow over the growth of the non-oil sector. [/rtl]
[rtl]In this context, Azour saw that government spending was and still is essential in building a superior digital infrastructure in the Gulf, and it is one of the elements of competitiveness that all economic sectors benefit from today. It also contributed during the Corona period to keeping the economic movement going, which distinguished these economies and maintained growth levels, calling for "continuing these investments that create differential advantages and a fundamental technological superiority for the future."[/rtl]
[rtl]He also saw that private investments also play an important role, considering that they are not only for financial purposes, but also for “technological purposes and knowledge transfer”, given the latter’s role in building competitiveness in the future. [/rtl]
[rtl]Azour considered that the region is moving from "regional competition to global competition," which requires "empowering human and capital capabilities, and openness, which we also see through participation with economic blocs," encouraging the Gulf countries to "increase economic integration."[/rtl]
[rtl]Azour did not neglect to talk about BRICS and the accession of countries from the region to it, as he pointed out that “our region is strategic in terms of geography, resources and connectivity,” and therefore, “everything that can be done to expand the region’s ability to participate in large blocs in a world witnessing economic and political tensions and divisions is beneficial.”[/rtl]
[rtl]He stressed that the location of the countries of the region allows them to play the role of "a point of attraction in light of a period of global tension, which would be a tributary to growth not only for the Gulf countries, but for the Arab economies as well."[/rtl]
[/size]
[rtl]Middle East and North Africa[/rtl]
[size][rtl]As for the Middle East and North Africa, the Fund expected growth to reach 2.1% this year, accelerating to 4% next year.[/rtl]
[rtl]It is noteworthy that the Fund has significantly reduced inflation expectations, now expecting them at 14.8% this year, and 11.6% next year. [/rtl]
[rtl]Azour considered that the crises witnessed by the region affect its economies, and this justifies the difference in expectations between one region and another.[/rtl][/size]
40 views
Added 10/31/2024 - 12:21 PM
[You must be registered and logged in to see this link.]
» Central Bank Governor reveals important figures about Iraq's economy and foreign reserves
» utube 10/29/24 MM&C MM&C News Report on Iraq Dinar-2024 Budget Focus-Oil & Gas Export Ceyhan Port-
» utube 10/28/24 MM&C News Reporting-Politics-Financial Reform-Billions Lost-P
» utube 10/31/24 MM&C MM&C News Reporting-Security & Stability-Sinjar Allocations-Unprecedented Develo
» Al-Mashhadani awaits the wrestling ring between Halbousi, Al-Issawi and Al-Khanjar
» MP identifies 3 options for Sunni forces to elect Parliament Speaker
» Parliamentary Committee: The region continues to smuggle 300,000 barrels of oil per day
» Al-Mandlawi calls on MPs to attend the session to elect the Speaker of Parliament
» Political concern and parliamentary fear of the failure of the House of Representatives to choose it
» The Democratic Bloc confirms that it will go with the Sunni majority to vote for the Parliament Spea
» Masoud Barzani sets out principles for forming new Kurdistan Regional Government
» Hours before the session... Sovereignty decides its position and "accepts" Al-Mashhadani as Parliame
» The President of the Kurdistan Region issues a decision to establish three districts in Dohuk
» Supreme Council for Youth: We are about to launch 10 new programs
» Minister of Health: 19 contracts signed with “Private Wings”
» Transport begins unifying Green Bird models
» $6 billion is the volume of trade exchange between Iran and the Kurdistan Region
» After years of controversy, Iran lifts the ban on iPhone customs
» Environment: We have not yet controlled waste burning sites and landfill sites
» Baghdad.. The exchange rate recorded 151250 dinars per 100 dollars
» Iraq.. 31 modern aircraft until 2027 and a move to lift the European ban
» IMF expects non-oil sector growth in Gulf to continue
» Al-Sudani: The language of numbers proves the government's success
» On the road to development
» UNESCO to {Sabah}: We support Iraq's moves to include new sites on the heritage list
» Minister of Health to {Sabah}: Two million employees and citizens are covered by social security
» Baghdad Municipality to {Sabah}: Measures to reduce environmental pollution
» Baghdad hosts today the quadripartite meeting of the {Development Path}
» Al-Najjar: Continuous efforts to improve the investment climate
» With the participation of 15 Arab and foreign countries, a great turnout for the activities of the E
» The private sector has begun a new phase
» Reactivation of securities
» Challenges and opportunities
» Call to establish a digital gold market in Iraq
» Newspapers follow the session to choose the parliament speaker and the four-party meeting on the dev
» Basra Gas Company launches the (Salamtak 24) project to enhance traffic culture among students
» The Arab League holds an extraordinary session today to discuss the response to the occupation's dec
» Al-Mandlawi stresses the necessity of deciding on the election of a new Speaker of the House of Repr
» The Permanent Joint Water Committee between Iraq and Turkey holds its third meeting in Ankara
» Expert reveals indications of the failure of the session to elect the Speaker of Parliament today -
» The lowest in 4 years.. The annual inflation rate in Iraq decreases
» Ministry of Transport strengthens Iraqi Airways fleet as part of steps to lift European ban
» Al-Sudani discusses security and military cooperation with NATO
» Al-Mandlawi stresses the necessity of deciding on the election of a new Speaker of the House of Repr
» Regional elections: confusing results and questionable integrity
» Nechirvan Barzani: Iraq lost $15 billion due to the suspension of oil exports from the Kurdistan Reg
» Al-Sadr expels armed supporters...and today Parliament chooses its speaker
» Unplanned Transformation: Iraq’s Decision to Rely on Gas Plants Threatens Energy Future!
» “Corruption corridors”: How do government institutions in Iraq waste public money and hinder develop
» General Amnesty Law.. Will it turn into a mirage in light of political conflicts?
» Calls to increase housing fund funding to $1 billion to meet citizens’ needs
» After the angry environmental statement and the polluted morning.. Baghdad operations remove burning
» Hours to End the "Crisis of the Year"... Political Positions and Scenarios for the Parliament Speake
» The "Freedom of Expression" Law is Submitted to the Parliament Presidency.. What about "Enforced Dis
» Messages from Al-Mandlawi to political forces and representatives before today's session
» Morning list of dollar exchange rates in Iraq
» Al-Alaq: The volume of currency in circulation exceeds 100 trillion dinars.
» Iraq’s unemployment rate fall to 14.4%
» utube 10/26/24 MM&C News Reporting-Iraqi Dinar-Article 140-Budget Tables- Final Accounts
» MM&C 10/30/24 The Central Bank republishes controls for declaring funds and bringing them in or out
» “Solarizing” government buildings project.. 90 billion dinars for systems that do not meet 1% of ins
» Parliament expects and is not sure.. Ambiguity about the date and details of the 2025 budget schedul
» Experts: Lack of justice in wealth distribution exacerbates poverty in Iraq
» "Corruption corridors"... How do government institutions in Iraq waste public money and hinder devel
» Pavel Talabani: We ended the authoritarian regime in the region
» Foreign remittance sales increase by 99% at the Central Bank of Iraq auction
» New gas production licensing round
» Parliamentary Culture Praises the Performance of the Iraqi Media Network
» Al-Sudani: The language of numbers proves the government's success
» Launching the real estate developer project in Wasit
» Approval of a package of strategic projects in Babylon
» Planning: Completion of 99% of numbering and inventory operations in 15 governorates
» Human Rights: A Study to Find Solutions to the Slums File in the Country
» Government interest develops the financial sector
» Iraqi investment market
» International partnerships within the Iraqi labor market
» Spotlight on BRICS Summit 2024
» Al-Najjar: Continuous efforts to improve the investment climate
» Stopping electronic payment in Baghdad and returning to cash deduction
» Iraqis among few people in the world who prefer Trump to Harris
» Mr. Al-Hakim: Unprecedented development and stability in Iraq, and the Kurdistan elections expressed
» Emaar unveils 3 new residential cities
» With documents.. Shaddad submits five inquiries to the Ministry of Oil about the contracts of the fi
» Economist: Political blocs and figures behind the rise in the dollar exchange rate
» MP: Parliament presidency file to be resolved during Thursday's session
» Basra Gas: We are working to restart the main production line as soon as possible
» To create job opportunities.. The government continues to improve the investment climate in Iraq
» The government is satisfied with forming committees.. Kurdish bloc condemns the violation of Iraqi s
» Legal Committee: We reject including terrorism and financial corruption in the general amnesty
» Due to political bickering, parliament fails to pass important laws
» Baghdad is the second most polluted city in the world according to the World Quality Index
» Justice completes work on the electronic documentation system in all notary public departments in Ba
» Kurdish politician warns of new crisis in region that will delay government formation
» Al-Lami: Judicial authorities continue to investigate money theft files and hold corrupt people acco
» Away from the bidding.. Parliamentary Finance Committee calls on the government to prepare realistic
» Al-Salihi reveals the reasons for postponing the voting session on the Personal Status Law
» Legal: What Türkiye is doing in the north represents a declaration of war on Iraq
» Development Bank: The volume of growth in trade exchange between Iraq and the Emirates reached 41%