Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait economy to grow 2.6% this year, 3.0 pct in 2015: IMF  Join our daily free Newsletter

MENAFN - Arab Times - 10/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) A rapid growth in US oil production combined with potentially weaker global demand present a downside risk to Gulf oil output and prices, the International Monetary Fund warned Tuesday. But despite an expected drop in their current account surpluses, most Gulf Cooperation Council economies continue to have "substantial buffers" to cope with short-lived price shocks, the IMF said in its World Economic Outlook. And economic growth in most of the oil-rich GCC economies is to hover near the rates registered last year, with Saudi Arabia's largest Arab economy expanding by 4.1 percent in 2014, compared to 3.8 percent in 2013, it said. Kuwait's economy will grow 2.6 percent this year and 3.0 percent in 2015 after growing by just 0.8 percent last year



"Faster-than-expected growth in the US oil supply and lingering risks of weaker-than-expected global oil demand because of a slowdown in either emerging markets or advanced economies present downside risks to oil prices and GCC production," it said. The GCC comprises top oil exporter Saudi Arabia, as well as Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates. US oil output has been rising fast on the back of the newly-tapped shale-based reserves. OPEC oil cartel said last month that supply from non-members is expected to increase by 1.31 million barrels per day this year, mainly from the United States, Canada and Brazil. Large current account surpluses in Middle East and North Africa oil exporters are expected to decline in 2014 "because of lower oil revenues," the IMF said.



Fisca

"Although fiscal positions have been weakening across the GCC economies over the past several years, most still have substantial buffers to withstand large shocks to oil prices, provided the shocks are short lived," it said. Those countries adopted expansionary fiscal policies to fend off the impact of the global financial crisis in 2008, channelling some of the oil windfall into infrastructure projects. "Policy priorities continue to be centred on diversifying these economies to reduce dependence on oil, increase employment opportunities in the private sector for nationals and enhance resilience to shocks," the IMF said



"Reforms to foster entrepreneurship, along with public wage and employment restraint, are key," it added. Economic growth in the UAE is expected to be around 4.4 percent and 4.2 percent in 2014 and 2015 respectively, compared to 4.8 percent last year, the IMF said. Dubai's winning of the right to host World Expo 2020 has further strengthened growth prospects in the UAE where real estate prices are rising at a "fast pace," the IMF said. Dubai's property sector had nosedived due to the global financial crisis, following five years of rapid growth. But the sector has made a strong comeback as investors flocked back in the emirate that is perceived as a safe haven amid regional turmoil. Growth in gas-rich Qatar will ease slightly from 6.1 percent last year to 5.9 percent in 2014, picking up again in 2015 at 7.1 percent. The emirate is expected to spend billions of dollars on infrastructure projects in preparation for the football World Cup tournament in 2022

 


Arab Times




  MENA News Headlines
 Nov 23 2014 - Qatar- Saudi Deputy FM Receives Copy of Credentials of Qatar's AmbassadorQatar News Agency
(MENAFN - QNA) Saudi Deputy Minister of Foreign Affairs Prince Abdulaziz bin Abdullah bin Abdulaziz Al-Saud received a copy of credentials of HE Sheikh Abdullah bin Thamer Al-Thani as Qatar's ...

 Nov 23 2014 - Qatar- HE Prime Minister Holds Talks with Algerian CounterpartQatar News Agency
(MENAFN - QNA) HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani and HE the Prime Minister of Algeria Abdelmalik Sellal on Sunday co-chaired the 5th ...

 Nov 23 2014 - Qatar Takes Part in 31st Meetings for GCC Labor and Social Affairs MinistersQatar News Agency
(MENAFN - QNA) Qatar will take part in the 31st meetings for GCC Ministers of Labor and Social Affairs which will be held from 24 to 25 November in Kuwait. HE the Minister of Labor and Social ...

 Nov 23 2014 - Kuwait- Parliament Speaker Meets Tajik FMQatar News Agency
(MENAFN - QNA) Kuwaiti National Assembly Speaker Marzouq Ali Al-Ghanem met here on Sunday the visiting Minister of Foreign Affairs of the Republic of Tajikistan, Sirodjidin Aslov. Talks between ...

 Nov 23 2014 - OPEC won't cut production ceiling say Kuwaiti expertsArab Times
(MENAFN - Arab Times) KUWAIT Nov 22 (KUNA): The Organization of Petroleum Exporting Countries (OPEC) will not likely lower oil production ceiling in its upcoming Nov 27 meeting two Kuwait oil experts ...

 Nov 23 2014 - KFH unit Kuveyt Turk wins awardArab Times
(MENAFN - Arab Times) ISTANBUL Nov 18 (Agencies): Kuveyt Turk won GFC Global Financial Conferences' Bonds & Loans Award for Islamic Capital Markets Deal of the Year at Esma Sultan Palace last ...

 Nov 23 2014 - Qatar- HH the Emir Meets Uruguay AmbassadorQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani met today at his Emiri Diwan Office with Ambassador of the Republic of Uruguay Jose Luis Remedi whose term of office has expired At the ...

 Nov 23 2014 - Somalia's Culture Minister Meets Charge D'affaires of Qatar's EmbassyQatar News Agency
(MENAFN - QNA) Somalia's Minister of Culture and Higher Education Duale Adam Mohammed conferred with Charge D'affaires of Qatar's Embassy in Somalia Hasan bin Hamza Asad Mohamed. The meeting ...

 Nov 23 2014 - Qatar- Foreign Minister's Assistant Meets Vietnamese CounterpartQatar News Agency
(MENAFN - QNA) HE the Foreign Minister's Assistant for Foreign Affairs met here on Sunday with Vietnamese Deputy Foreign Minister Pham Quang Vinh. The meeting dealt with bilateral ties and means to ...

 Nov 23 2014 - Law protects 'expatriates'Arab Times
(MENAFN - Arab Times) KUWAIT CITY Nov 21 (KUNA): Director- General of the Public Authority for Manpower Jamal Al-Dosary on Thursday reaffirmed commitment of the authority to protect expatriate ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help