Thursday 23 October 2014

Oil slump could have growth implications for GCC | GulfNews.com

Oil slump could have growth implications for GCC | GulfNews.com:



"Until a few months ago, any suggestion of a potential economic slowdown in GCC region could have been scorned by even the most seasoned economists. But the rapid pace at which oil price are falling have prompted some to reconsider their regional outlook.



Oil prices have declined sharply since June on concerns about weaker global growth and increased supply. The Opec reference oil price has declined nearly 23 per cent since its June peak, reaching $85 per barrel.



“Despite progress on economic diversification in the GCC over the last decade, regional budgets remain highly reliant on oil revenues and are thus vulnerable to sustained changes in oil prices,” said Khatija Haque, Head of MENA Research at Emirates NBD."



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