Gulf Economic Monitor, February 2018 : Deepening Reforms
This second edition of the twice-yearly Gulf Economic Monitor describes recent economic developments, near-term prospects, and broader reform priorities in the Gulf Cooperation Council (GCC) countries (The Pulse of the Region). Regional aggregate...
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World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/561441521461573349/Deepening-reforms-in-focus-pension-systems-in-the-Gulf http://hdl.handle.net/10986/29514 |
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okr-10986-295142021-05-25T09:12:50Z Gulf Economic Monitor, February 2018 : Deepening Reforms World Bank Group ECONOMIC GROWTH PENSIONS ECONOMIC REFORM ECONOMIC OUTLOOK GULF COOPERATION COUNCIL PENSION REFORM COMMODITY PRICES OIL PRODUCTION ECONOMIC OUTLOOK RISKS This second edition of the twice-yearly Gulf Economic Monitor describes recent economic developments, near-term prospects, and broader reform priorities in the Gulf Cooperation Council (GCC) countries (The Pulse of the Region). Regional aggregate GDP growth in 2017 weakened to just 0.5 percent, weighed down by oil production cuts and tighter fiscal policy that took a toll on non-oil growth. Prospects, however, are for a gradual strengthening, helped by the partial recovery in energy prices, the expiration of oil production cuts after 2018, and an easing of fiscal austerity. Aggregate growth in the region is expected to strengthen to 2.1 and 2.7 percent in 2018 and 2019, respectively. Risks to the outlook include potential external headwinds resulting from the tightening of monetary policy in advanced economies and/or geopolitical tensions that lead to volatility in global financial markets or commodity prices. Although fiscal and external balances are improving, the region continues to face large financing needs among both sovereigns and corporates, and thus remains vulnerable to volatility in global capital flows and the cost of funding. Finally, the reform agendas under consideration in GCC countries are necessarily complex and require considerable political resolve. The Monitor also describes how, following three years of sustained fiscal adjustments to lower oil prices, the GCC countries, led by the Kingdom of Saudi Arabia, are shifting attention towards deeper structural reforms. These are needed to breathe new life into sluggish domestic economies, create jobs for young people and strengthen private investment, to broaden the economic base and to anchor longer term fiscal sustainability. The report, however, cautions against policy complacency stemming from the recent partial recovery in oil prices that leads to loss in reform momentum. Instead, it urges countries to double down on reforms in order to secure the long term futures of their economies and their people. The final part of the report includes an analytical In Focus section that discusses the sustainability, equity, and welfare challenges confronting regional pension systems. 2018-03-26T21:26:28Z 2018-03-26T21:26:28Z 2018-02 Report http://documents.worldbank.org/curated/en/561441521461573349/Deepening-reforms-in-focus-pension-systems-in-the-Gulf http://hdl.handle.net/10986/29514 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work Middle East and North Africa Middle East Bahrain Kuwait Oman Qatar Saudi Arabia United Arab Emirates |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ECONOMIC GROWTH PENSIONS ECONOMIC REFORM ECONOMIC OUTLOOK GULF COOPERATION COUNCIL PENSION REFORM COMMODITY PRICES OIL PRODUCTION ECONOMIC OUTLOOK RISKS |
| spellingShingle |
ECONOMIC GROWTH PENSIONS ECONOMIC REFORM ECONOMIC OUTLOOK GULF COOPERATION COUNCIL PENSION REFORM COMMODITY PRICES OIL PRODUCTION ECONOMIC OUTLOOK RISKS World Bank Group Gulf Economic Monitor, February 2018 : Deepening Reforms |
| geographic_facet |
Middle East and North Africa Middle East Bahrain Kuwait Oman Qatar Saudi Arabia United Arab Emirates |
| description |
This second edition of the twice-yearly
Gulf Economic Monitor describes recent economic
developments, near-term prospects, and broader reform
priorities in the Gulf Cooperation Council (GCC) countries
(The Pulse of the Region). Regional aggregate GDP growth in
2017 weakened to just 0.5 percent, weighed down by oil
production cuts and tighter fiscal policy that took a toll
on non-oil growth. Prospects, however, are for a gradual
strengthening, helped by the partial recovery in energy
prices, the expiration of oil production cuts after 2018,
and an easing of fiscal austerity. Aggregate growth in the
region is expected to strengthen to 2.1 and 2.7 percent in
2018 and 2019, respectively. Risks to the outlook include
potential external headwinds resulting from the tightening
of monetary policy in advanced economies and/or geopolitical
tensions that lead to volatility in global financial markets
or commodity prices. Although fiscal and external balances
are improving, the region continues to face large financing
needs among both sovereigns and corporates, and thus remains
vulnerable to volatility in global capital flows and the
cost of funding. Finally, the reform agendas under
consideration in GCC countries are necessarily complex and
require considerable political resolve. The Monitor also
describes how, following three years of sustained fiscal
adjustments to lower oil prices, the GCC countries, led by
the Kingdom of Saudi Arabia, are shifting attention towards
deeper structural reforms. These are needed to breathe new
life into sluggish domestic economies, create jobs for young
people and strengthen private investment, to broaden the
economic base and to anchor longer term fiscal
sustainability. The report, however, cautions against policy
complacency stemming from the recent partial recovery in oil
prices that leads to loss in reform momentum. Instead, it
urges countries to double down on reforms in order to secure
the long term futures of their economies and their people.
The final part of the report includes an analytical In Focus
section that discusses the sustainability, equity, and
welfare challenges confronting regional pension systems. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Gulf Economic Monitor, February 2018 : Deepening Reforms |
| title_short |
Gulf Economic Monitor, February 2018 : Deepening Reforms |
| title_full |
Gulf Economic Monitor, February 2018 : Deepening Reforms |
| title_fullStr |
Gulf Economic Monitor, February 2018 : Deepening Reforms |
| title_full_unstemmed |
Gulf Economic Monitor, February 2018 : Deepening Reforms |
| title_sort |
gulf economic monitor, february 2018 : deepening reforms |
| publisher |
World Bank, Washington, DC |
| publishDate |
2018 |
| url |
http://documents.worldbank.org/curated/en/561441521461573349/Deepening-reforms-in-focus-pension-systems-in-the-Gulf http://hdl.handle.net/10986/29514 |
| _version_ |
1764469642570498048 |