1. MENAP Oil Exporters: Heightened Risks to Oil and Fiscal Positions
Author:
International Monetary Fund. Middle East and Central Asia Dept.
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Language:
English
Print Publication Date:
12 Nov 2013

Abstract

Lower global demand and domestic oil supply disruptions are set to reduce growth in MENAP oil exporters1 this year, after several years of strong performance. These factors are expected to unwind in 2014, lifting economic activity back to the levels experienced in the recent past; however, the region is not saving enough of its oil windfall and, on current policies, will run an aggregate fiscal deficit beginning in 2016. Together with substantial oil revenue risks, this prospect underscores the need for countries to build or strengthen their fiscal and external buffers. Medium-term economic prospects will depend on the ability of oil exporters to diversify their economies and create jobs in the private non-oil sector for their rapidly growing populations.

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Contributor Notes

Prepared by Alberto Behar with input from country teams, and research assistance by Jaime Espinosa-Bowen and Paul Zimand.
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Cover Regional Economic Outlook, November 2013, Middle East and Central Asia
Regional Economic Outlook, November 2013, Middle East and Central Asia
ISBN:
9781484356074
ISSN:
2071-4122
Publication Date:
12 Nov 2013
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781484356074.086
Pages:
125

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