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Ms. May Y Khamis, Mr. Abdelhak S Senhadji, Mr. Gabriel Sensenbrenner, Mr. Francis Y Kumah, Maher Hasan, and Mr. Ananthakrishnan Prasad
This paper focuses on impact of the global financial crisis on the Gulf Cooperation Council (GCC) Countries and challenges ahead. The oil price boom led to large fiscal and external balance surpluses in the GCC countries. However, it also generated domestic imbalances that began to unravel with the onset of the global credit squeeze. As the global deleveraging process took hold, and oil prices and production fell, the GCC’s external and fiscal surpluses declined markedly, stock and real estate markets plunged, credit default swap spreads on sovereign debt widened, and external funding for the financial and corporate sectors tightened. In order to offset the shocks brought on by the crisis, governments—buttressed by strong international reserve positions—maintained high levels of spending and introduced exceptional financial measures, including capital and liquidity injections. The immediate priority is to complete the clean-up of bank balance sheets and the restructuring of the nonbanking sector in some countries. Clear communication by the authorities would help implementation, ease investor uncertainty, and reduce speculation and market volatility.
Mr. Koshy Mathai, Mr. Christoph Duenwald, Ms. Anastasia Guscina, Rayah Al-Farah, Mr. Hatim Bukhari, Mr. Atif Chaudry, Moataz El-Said, Fozan Fareed, Mrs. Kerstin Gerling, Nghia-Piotr Le, Mr. Franto Ricka, Mr. Cesar Serra, Tetyana Sydorenko, Mr. Sébastien Walker, and Mr. Mohammed Zaher
This paper examines the role of social spending in improving socioeconomic outcomes in the Middle East and Central Asia. In particular, it addresses the following questions: (1) how large is social spending across the region? (2) how do countries in the region fare on socioeconomic outcomes? (3) how important is social spending as a determinant of these outcomes? and (4) how efficient is social spending in the region?
Mr. Tokhir N Mirzoev, Ling Zhu, Yang Yang, Ms. Tian Zhang, Mr. Erik Roos, Mr. Andrea Pescatori, and Mr. Akito Matsumoto
The Future of Oil and Fiscal Sustainability in the GCC Region
Ms. May Y Khamis and Mr. Abdelhak S Senhadji
Departmental papers are usually focused on a specific economic topic, country, or region. They are prepared in a timely way to support the outreach needs of the IMF’s area and functional departments.
Mr. Martin Sommer, Mr. Allan G Auclair, Mr. Armand Fouejieu, Ms. Inutu Lukonga, Mr. Saad N Quayyum, Amir Sadeghi, Mr. Gazi H Shbaikat, Mr. Andrew J Tiffin, and Mr. Bruno Versailles
This paper discusses the challenges posed by low oil prices in the MENA and CCA regions, the adjustment policies adopted so far, and remaining adjustment needs and future risks.
Mr. Ahmed I Al-Darwish, Naif Alghaith, Mr. Alberto Behar, Mr. Tim Callen, Mr. Pragyan Deb, Mr. Amgad Hegazy, Padamja Khandelwal, Ms. Malika Pant, and Mr. Haonan Qu
Saudi Arabia: Tackling Emerging Economic Challenges to Sustain Strong Growth
Mr. Koshy Mathai, Mr. Christoph Duenwald, Ms. Anastasia Guscina, Rayah Al-Farah, Mr. Hatim Bukhari, Mr. Atif Chaudry, Moataz El-Said, Fozan Fareed, Mrs. Kerstin Gerling, Nghia-Piotr Le, Mr. Franto Ricka, Mr. Cesar Serra, Tetyana Sydorenko, Mr. Sébastien Walker, and Mr. Mohammed Zaher
This paper examines the role of social spending in improving socioeconomic outcomes in the Middle East and Central Asia. In particular, it addresses the following questions: (1) how large is social spending across the region? (2) how do countries in the region fare on socioeconomic outcomes? (3) how important is social spending as a determinant of these outcomes? and (4) how efficient is social spending in the region?
Mr. Ahmed I Al-Darwish, Naif Alghaith, Mr. Alberto Behar, Mr. Tim Callen, Mr. Pragyan Deb, Mr. Amgad Hegazy, Padamja Khandelwal, Ms. Malika Pant, and Mr. Haonan Qu
Saudi Arabia: Tackling Emerging Economic Challenges to Sustain Strong Growth
Mr. Koshy Mathai, Mr. Christoph Duenwald, Ms. Anastasia Guscina, Rayah Al-Farah, Mr. Hatim Bukhari, Mr. Atif Chaudry, Moataz El-Said, Fozan Fareed, Mrs. Kerstin Gerling, Nghia-Piotr Le, Mr. Franto Ricka, Mr. Cesar Serra, Tetyana Sydorenko, Mr. Sébastien Walker, and Mr. Mohammed Zaher
This paper examines the role of social spending in improving socioeconomic outcomes in the Middle East and Central Asia. In particular, it addresses the following questions: (1) how large is social spending across the region? (2) how do countries in the region fare on socioeconomic outcomes? (3) how important is social spending as a determinant of these outcomes? and (4) how efficient is social spending in the region?
Samya Beidas-Strom, Mr. Tobias N. Rasmussen, and Mr. David Robinson
Departmental papers are usually focused on a specific economic topic, country, or region. They are prepared in a timely way to support the outreach needs of the IMF’s area and functional departments.