Gulf Economic Update, Fall 2021
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World Bank, Washington, DC
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The economic outlook for the Gulf
Cooperation Council (GCC) economies appears far rosier now
than it did even six months ago. Increased investment and
consumption both public and private are contributing to
growth while inflation remains subdued in most economies
except for Saudi Arabia where it is currently at 5.5 percent
and expected to fall sharply as the impact of last year’s
Value-Added Tax (VAT) hike falls away. Despite this rosy
picture, the authorities should continue to follow the path
of prudent macroeconomic management consolidating their
fiscal balances, moving ahead with the introduction of VAT
in Qatar and Kuwait and focusing on reducing the role of the
state in economic management. UAE’s government related
entities especially those in the construction sector deserve
a careful review to ensure that their borrowing remains
sustainable and to adjust to the new conditions.
Palabras clave
OIL PRICE, PUBLIC SECTOR REFORM, PUBLIC SECTOR WAGES, DIVERSIFICATION, STRUCTURAL REFORM, ECONOMIC GROWTH, ECONOMIC OUTLOOK, GULF COOPERATION COUNCIL, CORONAVIRUS, COVID-19, COVID-19 VACCINATION, PANDEMIC IMPACT, FISCAL DEFICIT, EXPORTS