09/04/2014
Compared to 3.8% in 2013
IMF raised its forecast for the growth of the Saudi economy to 4.1%
A rise in oil production in the United States and the projected decline in global demand, potential risks to oil production in the Gulf prices, the IMF said in a report on World Economic Outlook, released today. Despite the decline in the current account surpluses, will retain most of the GCC countries by hedges to face any immediate repercussions for low prices, and will continue to be growth in most oil-rich Gulf States close to levels recorded in 2013, the Fund expected the Saudi economy to grow larger in the Arab world by 4.1 per cent in 2014, compared with 3.8 percent in 2013. According to the ' French ', the report said that faster growth is expected in oil production in the United States and the ongoing risk of recording weaker-than-expected global demand, whether in developing countries or developed economies, pose risks to oil prices and production in the GCC.
And oil production record in the United States surged recently thanks to the development of shale oil production; the organization of petroleum exporting countries (OPEC) last month said that supplies from non-Member States would increase by 1.31 million barrels a day this year, especially from the United States, Brazil and Canada. The International Monetary Fund warned that rising current account surpluses of oil-exporting States will fall in 2014 because of falling oil revenues, and that despite the financial declining position in recent years, these States still have the hedges to large shocks arising from price fluctuations, that if these short-term shocks. Gulf States have adopted expansionary fiscal policies to limit the fallout from the financial crisis that hit the world in 2008, particularly through the conversion of oil revenues into infrastructure projects.
The IMF predicted growth in UAE 4.4 per cent in 2014 and 4.2 per cent in 2015, compared with 4.8 percent in 2013, and win the right to host the International Expo in 2020 as a catalyst for the growth of the real estate sector in the UAE, where real estate prices are rising rapidly, according to the IMF. The Dubai property sector collapsed amid the global financial crisis, after 5 years of boom, the sector has returned to growth again, taking advantage of investors look to the Emirate as a safe haven in the Centre of the unrest. And growth in Qatar slightly from 6.1 percent in 2013 to 5.9 per cent in 2014, rising to 7.1 per cent in 2015, Qatar are expected to spend tens of billions of dollars on infrastructure projects in preparation for hosting the soccer World Cup in 2022. Kuwait's economy is expected to grow by 2.6 percent this year, compared with 0.8 percent last year, the IMF predicted growth of Kuwait to 3 per cent in 2015.
