Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

IMF Urges GCC Economies to Diversify for Stronger Growth  Join our daily free Newsletter

MENAFN - Qatar News Agency - 05/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Qatar News Agency) Wait city june 05 (qna) - upgrades in development indicators reaffirm strong growth of gcc economies but greater economic diversification is needed to absorb oil markets volatility a senior executive said.

imf deputy managing director min zhu said "gcc countries have grown strongly and seen huge improvements in their development indicators but they remain susceptible to fluctuations in oil markets.

"they need greater economic diversification to boost productivity living standards create jobs and reduce fiscal and external risks associated with the heavy reliance on oil revenues." the prevailing growth model in the gcc has achieved a rapid improvement in human development indicators but has also resulted in a decline in relative economic performance.

the main features of this growth model are the reliance on oil as the main source of export and fiscal revenues the dependence of the private sector on expatriate labour and the concentration of economic activity in the low skilled non-tradable sector he added.

the imf mentions uae airports and seaport infrastructure development saudi arabia's economic cities qatar's commercial airline bahrain's aluminum industry and smes in kuwait and oman as gcc success stories of diversification.

panellists examined the rationale for diversification the imf said. some argued that diversification away from oil and other extractive industries would lead to higher long-term growth more jobs for the young and growing populations less dependence on returns from sovereign wealth funds.

others pointed to evidence that growth and diversification are positively correlated as diversified economies are less likely to experience economic volatility due to external or internal unfavourable economic conditions. (qna)


 


Qatar News Agency




  MENA News Headlines
 Oct 1 2014 - Oman interested to invest in CyprusMENAFN
(MENAFN) Oman's Minister of Oil and Gas said that the country is very interested in investing in Cyprus, particularly in the field of research and exploitation of natural gas, Muscat Daily ...

 Oct 1 2014 - Emirates to launch new Dallas flightsMENAFN
(MENAFN) Emirates announced it has launched its first scheduled A380 daily service to Dallas Fort Worth International Airport, Gulf Business reported.The airline said it expects that the business ...

 Oct 1 2014 - Dubai Development Co. considering several offers of merger or acquisitionMENAFN
(MENAFN) Dubai Development Co, the company responsible for the Mirdif area of the emirate, announced it is considering several external offers of merger or acquisition, Arabian Business reported.The ...

 Oct 1 2014 - Etihad Rail starts on second phase of USD11bn UAE rail networkMENAFN
(MENAFN) Etihad Rail, the UAE's railway developer, announced it is set to secure government funding and award contracts for the construction of the second phase of its USD11 billion national rail ...

 Oct 1 2014 - Omani Renaissance awards 2 contracts for Duqm construction projectMENAFN
(MENAFN) Renaissance Services announced it has awarded the contractors S&T and Al Hajiry two main construction contracts in the Duqm permanent accommodation (PAC) project, Times of Oman reported. ...

 Oct 1 2014 - Oman's PEIE, Italian firm ink consultancy for Ibri projectMENAFN
(MENAFN) The Public Establishment for Industrial Estates (PEIE) announced it has signed consultancy agreements with F&M Ingegneria Spa, the leading Italian engineering consultancy firm to develop the ...

 Oct 1 2014 - ISIL militants advance in N. Syria - SHORKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Islamic State in Iraq and the Levant (ISIL) have crushed the Kurd defenses in the rural areas around Ayn Al-Arab city, known in Kurdish as Kobani, near ...

 Oct 1 2014 - Sharjah's tourists number reaches 1m in H1MENAFN
(MENAFN) The Sharjah Commerce and Tourism Development Authority (SCTDA) announced a significant increase in the number of visitors to the emirate, with over one million people visiting Sharjah in the ...

 Oct 1 2014 - Emirates expands Africa reach with Angola dealMENAFN
(MENAFN) Emirates announced it has signed a ten-year management agreement with TAAG Angola Airlines (Linhas Aereas De Angola), the national carrier of Angola, which is expected to strengthen its ...

 Oct 1 2014 - Flydubai launches new routes to Entebbe, BujumburaMENAFN
(MENAFN) Dubai-based flydubai's announced it has launched a new service to Entebbe and Bujumbura, with daily direct flights to Entebbe, and three flights a week to Bujumbura, thus doubling the ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help