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 - 15/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Bai april 8 (afp): 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
 Dec 19 2014 - Iraq to defer war reparations to Kuwait for a year, says UNThe Peninsula
(MENAFN - The Peninsula)  Iraq can delay payment of a final $4.6bn in war reparations for its 1990 invasion of Kuwait because of the difficulties it faces in battling the Islamic State insurgency, ...

 Dec 19 2014 - Qatar- Leaders attend National Day paradeThe Peninsula
(MENAFN - The Peninsula)  Patriotic fervour was at its zenith as the Emir H H Sheikh Tamim bin Hamad Al Thani and the Father Emir H H Sheikh Hamad bin Khalifa Al Thani walked into the crowds and ...

 Dec 19 2014 - First Qatari reaches South Pole, hoists flag to mark National DayThe Peninsula
(MENAFN - The Peninsula)  Reach Out To Asia (ROTA) Ambassador Sheikh Mohammed bin Abdullah Al Thani became the first Qatari to reach the South Pole, where he hoisted a flag to commemorate National ...

 Dec 19 2014 - Kellogg outbids Abraaj for third time in race for Egypt's BiscoThe Peninsula
(MENAFN - The Peninsula)   Breakfast cereal maker Kellogg Co has again raised its bid for Egyptian snack maker Bisco Misr, outbidding private equity group Abraaj for the third time and snatching the ...

 Dec 19 2014 - Impossible for Saudi to reduce oil output: MinisterThe Peninsula
(MENAFN - The Peninsula)  Leading Opec producer Saudi Arabia said yesterday that competitive pressures prevent it from reducing output, and the kingdom can weather plunging oil prices.Oil Minister ...

 Dec 19 2014 - Qatar- Tower rents to face pressure on new supplyThe Peninsula
(MENAFN - The Peninsula)  Qatar's office and residential rental markets remained strong during the third quarter of 2014 (Q3, 14). Offices recorded high rates across locations, with robust demand at ...

 Dec 19 2014 - Oil resumes slide after brief rebound on short-coveringThe Peninsula
(MENAFN - The Peninsula)  Global crude prices fell again yesterday, a day after a short-covering rally, as traders placed new bets that the market would resume a six-month rout on worries about a ...

 Dec 19 2014 - Algeria, France to enhance security cooperationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Algerian Minister of Interior and Local Governments Tayeb Belaiz met his French counterpart Bernard Cazeneuve here on Thursday to discuss security ...

 Dec 19 2014 - Arab telecom. ministers wrap up 18th session in CairoKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Arab Telecommunications and Information Council of Ministers on Thursday welcomed a request that the Algerian city of Constantine, 2015 Capital of Arab Culture, ...

 Dec 19 2014 - ISIL senior leadership killed in airstrikes - PentagonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  The Pentagon revealed Thursday that "multiple senior and mid-level leaders" in ISIL have been killed by the US-led coalition's airstrikes since mid-November."We ...

more...


 






Google

 
 

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