VOL. XLII
No. 28
12-July-1999
GCC
IMF World Economic Outlook Report
The latest World Economic Outlook (May) of the InternationalMonetary Fund (IMF), which documents the effects of global economic slow-downand financial contagion, reports that oil revenues in the GCC countries fell byone third in 1998, causing fiscal balances to deteriorate by 5-8 percentagepoints. Given the short-term nature of reserve drawdowns and externalborrowing, the report points out that large oil exporters are faced with...
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