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Learning to Live with Cheaper Oil
Report

Learning to Live with Cheaper Oil

Policy Adjustment in Oil-Exporting Countries of the Middle East and Central Asia

Martin Sommer, Greg Auclair, Armand Fouejieu, Inutu Lukonga, Saad Quayyum, Amir Sadeghi, Gazi Shbaikat, Andrew Tiffin, Juan Trevino and Bruno Versailles
IMF, 2016
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Editorial Rating

7

Qualities

  • Comprehensive
  • Analytical
  • Innovative

Recommendation

Low oil prices have brought profound and perhaps lasting changes to the economies of oil-producing countries in the Middle East and North Africa and in the Caucasus and Central Asia. According to regional experts at the International Monetary Fund, yawning budget deficits and slowing growth have replaced budget surpluses and economic expansion in these nations. getAbstract recommends this authoritative report on what’s next for these economies to executives, analysts and investors.

Take-Aways

  • Oil-producing economies in the Middle East and North Africa (MENA) and in the Caucasus and Central Asia (CCA) will continue to endure depressed oil prices.
  • As a result, oil-exporting nations have cut expenses, particularly in public investment, defense and state transfers. Tax and service fee increases have also been common.
  • Most Gulf Cooperation Council (GCC) countries remain heavily dependent on oil and have done little to diversify their economies.

About the Authors

Martin Sommer et al. are members of the International Monetary Fund’s Middle East and Central Asia department.

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