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Sunday, 12 March 2017

Reform agenda in GCC, it is different this time | GulfNews.com

Reform agenda in GCC, it is different this time | GulfNews.com:

"Oil prices have improved in recent months following the Opec production cut deal, through it still hovers below the budget break even oil prices in most countries. Despite some signs of recovery it is unlikely to derail both the fiscal and structural reforms that have been initiated by regional governments; said Mark A. Weinberger, Global Chairman and CEO, EY (formerly Ernst & Young). “A low-oil-price environment will always be a catalyst for change. We’ve seen it before in the late 1990s when the fiscal situation was getting so urgent that Gulf countries were beginning to enact serious economic reforms, only for the urgency to reduce once a second oil boom got underway in the mid-2000s. That’s not to say progress wasn’t made — only that things didn’t move as fast as it appeared they first might. But there’s a real appetite for change now,” said Weinberger. Rather than the urgent need to avert a crisis, he sees a clear a shift in mindset across the region that comes with a genuine and deeper desire to move away from oil-price driven boom and bust cycles."



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