coolioo
January 11th, 2009, 04:25 AM
“For the GCC, 2009 nominal GDP growth would look horrible (-30 percent year-on-year), and both the current accounts and budgets would fall into deep deficits (around 15 percent of GDP),” analysts at ING wrote in the report, as they speculated on the consequences of oil at $30.
ING said if this scenario does arise, GCC countries would still be well-placed to boost their gross domestic product (GDP) figures because of their considerable fiscal power.
“The GCC have accumulated a massive chunk of foreign assets,” the analysts noted.
This would help to cushion much of the blow from oil at weak levels, according to ING.
For oil to slump to $30 per barrel there would have to be “massive global destruction in 2009” or world real economic growth would have to plunge by three percent year-on-year, which is below even the most bearish forecasts, the bank said.
Foreign assets ???? I wonder if they even hold significant value in hard times like these
Source : http://www.arabianbusiness.com/543015-oil-at-30-qmanageableq-for-gcc-economies-
ING said if this scenario does arise, GCC countries would still be well-placed to boost their gross domestic product (GDP) figures because of their considerable fiscal power.
“The GCC have accumulated a massive chunk of foreign assets,” the analysts noted.
This would help to cushion much of the blow from oil at weak levels, according to ING.
For oil to slump to $30 per barrel there would have to be “massive global destruction in 2009” or world real economic growth would have to plunge by three percent year-on-year, which is below even the most bearish forecasts, the bank said.
Foreign assets ???? I wonder if they even hold significant value in hard times like these
Source : http://www.arabianbusiness.com/543015-oil-at-30-qmanageableq-for-gcc-economies-