Dr Nasser Saidi: IMF warns GCC states on spending

In his weekly economic commentary, Dubai International Finance Centre Chief Economist Dr Nasser Saidi highlights recent IMF warnings to the GCC states that unless fiscal spending is trimmed, their combined surplus could turn into a deficit by 2017: “Total GCC state spending jumped in 2011 by some 20% in dollar terms and the combined fiscal surplus reached 13% of GDP. Additionally, the IMF mentioned that countries of the region including Jordan, Yemen and Morocco required ‘additional financing needs’.”

Global Economy & Finance