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Tuesday, 25 July 2017

Challenging road ahead for GCC’s economic diversification efforts | GulfNews.com

Challenging road ahead for GCC’s economic diversification efforts | GulfNews.com:

"GCC governments face significant challenges in their economic diversification efforts as they face sustained decline in oil prices in recent years, according to global rating agency Standard & Poor’s. “In our view, the challenges to GCC economic diversification remain substantial and GCC governments’ 20- and 30-year visions are aspirational, with significant progress to be made if they are to be achieved,” said Trevor Cullinan, a credit analyst with S&P. GCC sovereigns have announced ambitious diversification plans, some of which have existed for several years. These plans have recently gained new impetus following sustained decline in oil prices. By and large, governments have presented National Development Plans (NDPs) or ‘Visions’ with 20- to 25-year time horizons, usually incorporating five-year intermediate strategies."



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