Called on the International Monetary Fund on Tuesday, the oil-exporting countries to continue to work to diversify their economies, urging them to continue their efforts to reduce the deficit and build on the progress made in curbing spending.
The IMF said in a report published on its website and seen by “Economy News”, “on the oil-exporting countries in the region to continue to work to diversify their economies away from its focus on hydrocarbons and directing them to the non-oil sectors to ensure a consistent and sustainable growth.”
The Regional Economic Outlook for the Middle East and Central Asia issued by the Fund in Dubai today, that these countries should continue to implement its plans to diversify their economies and implement policies supporting employment opportunities and productivity, Kaslahat education and infrastructure.
She noted that despite narrowing the fiscal deficit in oil-exporting countries, a gap they must continue efforts to reduce the deficit and build on the progress made in curbing spending, as in the case of Algeria and Bahrain.
According to the report, the decline in the fiscal deficit of 10% of GDP in 2016 is expected to levels less than 1% in 2022, which represents a significant improvement helps build rigidity.