VOL. XLVI

No 32

11-August-2003

GCC

BUDGETS AND REVENUES

Oil Price Shocks A Continuing Threat As GCC Economies Fail To Diversify And Invest, Says NCB

The economies of the GCC have largely failed to diversify away from the oil sector leaving them still vulnerable to external oil price shocks, according to a report in National Commercial Banks (NCB) weekly Market Review and Outlook of 25 July.The failure to diversify has led to a situation where many of the GCC economies ran fiscal deficits throughout...