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
 Apr 19 2015 - UAE global exports reach USD359bMENAFN
(MENAFN) The global exports for the United Arab Emirates accumulated a sum of about USD359 billion, an amount equivalent to 1.9 percent of the entire world exports, 7 Days reported.According to the ...

 Apr 19 2015 - Egypt, OPEC sign USD27m finance loanMENAFN
(MENAFN) The Egyptian Ministry of International Cooperation signed a USD27 million financing deal with OPEC Fund for International Development to help the government in establishing Ain Shams ...

 Apr 19 2015 - 83.7% annual increase in railway revenues during December: CAPMASDaily News Egypt
(MENAFN - Daily News Egypt) There has been an 83.7% increase in the revenues of railway transportation during December 2014, reaching EGP 99.4m, according to the Central Agency for Public ...

 Apr 19 2015 - QNB Al-Ahli net profits up 30% in MarchDaily News Egypt
(MENAFN - Daily News Egypt) Net profits for Qatar National Bank (QNB Al-Ahli) reached EGP 622m in March, marking a 30% increase compared to the same month in 2015, the bank announced ...

 Apr 19 2015 - Egypt- Minister of International Cooperation predicts further economic growthDaily News Egypt
(MENAFN - Daily News Egypt) The global decrease in oil prices is of benefit to Egypt, on the one hand, but may have a negative impact, on the other, according to Minister of International Cooperation ...

 Apr 19 2015 - Egypt, CMI sign MoUDaily News Egypt
(MENAFN - Daily News Egypt) Minister of International Cooperation Naglaa Al-Ahwani has signed a Memorandum of Understanding (MoU) with World Bank Vice President for the Middle East and North Africa ...

 Apr 19 2015 - Notorious conman reveals holes in Egyptian investment marketDaily News Egypt
(MENAFN - Daily News Egypt) Prosecution investigations revealed that a notorious conman, known as Al-Mestarayah, has only EGP 7m in six Egyptian banks, contrary to the EGP 300m that he has allegedly ...

 Apr 19 2015 - UAE, Egypt sign deal to construct 50k housing unitsMENAFN
(MENAFN) The United Arab Emirates are set to sign a construction deal with Egypt that includes the building of 50 thousand housing units in Egypt's new capital project, Amwal Alghad reported.The ...

 Apr 19 2015 - Kuwait finalises investment arm in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) Kuwait has completed the lengthy establishment of a company through which the state's future investments in Egypt will be carried out, a source familiar with the Gulf ...

 Apr 19 2015 - Egypt- Anti-death penalty group pleas to halt execution of 7 citizensDaily News Egypt
(MENAFN - Daily News Egypt) The "Against the Death Penalty" group met with the National Council for Human Rights (NCHR) after urgently appealing the council to stop the execution of seven citizens in ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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