Called the Institute of International Finance of the Gulf Cooperation Council (GCC) to diversify its economy and the imposition of VAT, noting that Kuwait is the strongest Gulf states financially.
Khaleej Times - Follow-up: , according to a report of the Institute of International Finance, addressed to the Kuwaiti newspaper Al-Qabas, that the price of a barrel of oil necessary to equalize in the current budget of Kuwait in 2014 at $ 51 while rising to $ 54 in 2015.
The strongest financially
The report added that Kuwait is financially the strongest among the GCC countries, and expected to achieve a surplus of up to 23 percent of GDP next year, but he pointed to the failure of Kuwait to diversify its economy, and expected that the non-oil economy is witnessing a modest growth in 2015, not exceed 4 percent.
The report called for the GCC countries to diversify their income, and the imposition of VAT, with the need to reduce subsidies, noting that the price of the complex equalizer budgets of countries in the region for 2015 at $ 82 per barrel of oil, which leads to lower revenues from hydrocarbon exports of $ 743 billion in 2012 to 410 billion next year.
He predicted the IIF achieve the UAE and Qatar surpluses in 2015, along with Kuwait, but expect in return Arabia recording budget deficit up to 8.9 percent of GDP.
According to the pessimistic scenario developed by the Institute, the Gulf states will achieve a compound growth in surplus of 4.8 percent this year, while their budget deficit will go down a big complex of up to 8.6 percent next year, falling to 7.2 percent in 2016.
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