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Gulf Arab states may lose their financial wealth in the next 15 years: IMF

The six-nation Gulf Cooperation Council (GCC) - whose net financial wealth the IMF estimates at $2 trillion - accounts for over one fifth of global oil supply

Photo: Reuters
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Photo: Reuters

Reuters
The International Monetary Fund (IMF) said on Thursday Gulf Arab states -- some of the world's richest countries -- could see their financial wealth depleted in the next 15 years amid lower hydrocarbon revenues if they don't step up fiscal reforms.
 
The six-nation Gulf Cooperation Council (GCC) - whose net financial wealth the IMF estimates at $2 trillion - accounts for over one fifth of global oil supply, but economies in the region have been hit hard by a drop in oil prices in 2014 and 2015.
 
While lower crude prices have put pressure on governments to generate non-oil revenues

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First Published: Feb 06 2020 | 11:21 PM IST

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