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Falling oil price losses costing $ 300 billion Gulf .
1/22/2015
Twilight news/IMF stressed that losses resulting from reduced oil exports could deplete up to 300 billion dollars in GCC economies this year.
The Fund said the updated forecast for the Middle East and Central Asia, economies are heavily dependent on oil exports, including Iraq, Qatar and Libya, and Saudi Arabia will be most affected by the decline in crude prices more than 50 percent. And oil prices are approaching their lowest levels in six years amid expectations of a glut in supply, linked to the surge in US oil shale. The IMF said that the fall in the price of crude will not immediately result in significant gains for oil importers in the Middle East and Central Asia, who have been affected by expectations of slow growth in the economies of major trading partners of the euro area and Russia. The Fund this week reduced its forecast for global economic growth to 3.5% in 2015, compared with its estimate in October of 3.8%, and reduced the Fund's forecast for growth of oil exporters Russia, Nigeria and Saudi Arabia. It is likely that losses to 21 percentage points of GDP in the GCC countries, or nearly $ 300 billion. The Fund said it expected losses in States outside the Gulf Cooperation Council and Central Asia to $ 90 billion and 35 billion dollars this year. The IMF predicted that Morocco, Lebanon and Mauritania the largest gains from the falling prices of crude, while Lebanon and Egypt will probably improved financial balances
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1/22/2015
Twilight news/IMF stressed that losses resulting from reduced oil exports could deplete up to 300 billion dollars in GCC economies this year.
The Fund said the updated forecast for the Middle East and Central Asia, economies are heavily dependent on oil exports, including Iraq, Qatar and Libya, and Saudi Arabia will be most affected by the decline in crude prices more than 50 percent. And oil prices are approaching their lowest levels in six years amid expectations of a glut in supply, linked to the surge in US oil shale. The IMF said that the fall in the price of crude will not immediately result in significant gains for oil importers in the Middle East and Central Asia, who have been affected by expectations of slow growth in the economies of major trading partners of the euro area and Russia. The Fund this week reduced its forecast for global economic growth to 3.5% in 2015, compared with its estimate in October of 3.8%, and reduced the Fund's forecast for growth of oil exporters Russia, Nigeria and Saudi Arabia. It is likely that losses to 21 percentage points of GDP in the GCC countries, or nearly $ 300 billion. The Fund said it expected losses in States outside the Gulf Cooperation Council and Central Asia to $ 90 billion and 35 billion dollars this year. The IMF predicted that Morocco, Lebanon and Mauritania the largest gains from the falling prices of crude, while Lebanon and Egypt will probably improved financial balances
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