Gulf states must ramp up pace of economic reforms | GulfNews.com:
"The Gulf countries have to make some tough economic choices in 2016, with the focus likely to be on ensuring steady reforms to circumvent the impact from the extraordinarily low oil prices. The prices have been declining for 18 consecutive months and, seemingly, with no end in sight.
Changes to oil prices — in either direction — have their impact on economic choices.
The petroleum sector is essential for the well-being of GCC economies, being the primary source for treasury and export revenues. In fact, oil revenues provide the necessary financing for public expenditures."
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