Middle East Non-Oil Growth Doubts - Bloomberg:
"As oil exporters in the Middle East cut public spending and generous handouts to adapt to the reality of low crude prices, one casualty of their plans is economic growth and the ability to reduce one of the world’s highest youth unemployment rates. Non-oil economic expansion is set to slow to between 3.5 percent to 4 percent through 2021, compared with about 7.5 percent in the previous decade, according to the latest International Monetary Fund forecasts. Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman told Bloomberg in an interview late in March that the kingdom plans to raise non-oil income by more than $100 billion by 2020 through measures that include subsidy cuts and the introduction of value-added taxation. Bloomberg’s Alaa Shahine reports and HSBC Senior FX Strategist Dominic Bunning discusses with Bloomberg’s Anna Edwards on “Countdown.”"
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