First News
Volume:7, Number:33
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Business & Finance 4

The Worst is Over for GCC Economy

The worst part is over for the GCC as the macroeconomic dynamics have changed and local economies have adapted, according to experts at the Fourth Global Commodity Outlook Conference in Dubai. They agreed that the UAE and Bahrain have stabilized their finances; however, Saudi Arabia is the country that may see some issues. The implementation of VAT in January 2018 will boost short-term growth, but it cannot be relied on as the extra revenue source. Governments still need to diversify and spend on infrastructure. The event hosted five panel sessions discussing the outlook on the macro economy, energy, agriculture, base and precious metals, as well as the role of blockchain technology in the commodity market. Since Trump's inauguration, markets have backed off," said Erik Norland, executive director of economics, CME Group. He said questions regarding advocacy and ideological differences are two reasons why this may be tougher for Trump than he first thought.

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