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Asharq Al-Awsat
Asharq Al-Awsat
Business
Washington - Asharq Al-Awsat

IMF: Diversified Gulf Economy Improves Financial Balance

Oil Gulf Jihad Azour GDP Fund Gulf Cooperation Council Gas Prices Gulf Arab Middle East
IMF Middle East and Central Asia department director Jihad Azour. (Reuters)

Gulf Arab oil exporters are expected, on average, to put away about 33 percent of their oil revenues over 2022-26, which will lead to an overall improvement in the financial balance, according to the International Monetary Fund (IMF).

The IMF said in its latest report that higher oil and gas prices are expected to increase the average current account surplus in the six states Gulf Cooperation Council (GCC) to 9.7 percent of GDP in 2022, up from 4.6 percent of GDP last year, leading to an additional surplus of $275 billion.

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