The Future of Oil and Fiscal Sustainability in the GCC Region

Author/Editor:

Tokhir N Mirzoev ; Ling Zhu ; Yang Yang ; Tian Zhang ; Erik Roos ; Andrea Pescatori ; Akito Matsumoto

Publication Date:

February 6, 2020

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary:

The oil market is undergoing fundamental change. New technologies are increasing the supply of oil from old and new sources, while rising concerns over the environment are seeing the world gradually moving away from oil. This spells a significant challenge for oil-exporting countries, including those of the Gulf Cooperation Council (GCC) who account for a fifth of the world’s oil production. The GCC countries have recognized the need to reduce their reliance on oil and are all implementing reforms to diversify their economies as well as fiscal and external revenues. Nevertheless, as global oil demand is expected to peak in the next two decades, the associated fiscal imperative could be both larger and more urgent than implied by the GCC countries’ existing plans.

Series:

Departmental Paper No.20/01

Subject:

English

Publication Date:

February 6, 2020

ISBN/ISSN:

9781513525907/2616-5333

Stock No:

FOFSGCCEA

Format:

Paper

Pages:

55

Please address any questions about this title to publications@imf.org