GCC countries will earn more than US$4.7 trillion (Dh17.2tn) from oil exports by 2020 if prices hold at an average level of $50 per barrel, Ernst and Young, a global accounting firm, said Thursday.
The substantial stream of revenue—equal to more than four times the region’s 2008 GDP—will enable the region to easily survive, and even take advantage of the global economic downturn, Ernst and Young said.
Earnings by 2020 be 2.5 times as much as GCC countries earned from oil revenues in the last 14 years, the report said.
The revenues will leave regional economies with the resources to acquire assets overseas or continue financing local infrastructure improvements, Phil Gandier, the head of transactions advisory services at the firm, said in a statement accompanying the release of the report.
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