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IMF: Persian Gulf economies are weaning themselves off oil
来源：shippingazette 编辑：编辑部 发布：2023/02/17 13:53:56
THE International Monetary Fund (IMF) stated governments in the Persian Gulf are making progress toward diversifying their economies away from oil by opening up to private investment, reports the American Journal of Transportation.
"There is this impression that the only reason the Gulf countries are doing well is high oil and gas prices," said IMF managing director Kristalina Georgieva. "This is not true."
Governments that were once locked into a cycle of splurging during times of high oil prices have become more careful with spending.
"They have been reforming relentlessly how they raise money and how they spend money," said Ms Georgieva.
Saudi Arabia stated it wants to use its oil windfall to accelerate projects that contribute to that shift.
The nation is also looking to use the surplus to replenish reserves and make additional transfers to state entities.
Meanwhile, the United Arab Emirates (UAE) will start imposing a nine per cent corporate tax this year, a rare move in a region otherwise known to be tax-free.
The UAE stated it would slash other fees to offset the impact of the levy.
Saudi Arabia has been undergoing some of the biggest changes in decades under Crown Prince Mohammed bin Salman, who wants to use his Vision 2030 plan to overhaul the kingdom's economy and society.
Said World Bank official Ferid Belhaj: "Reforms are happening, the transition is happening. We need to be realistic. I guess you cannot transition from 100 per cent oil dependence to zero and build your whole economy on renewable energy."
"There is this impression that the only reason the Gulf countries are doing well is high oil and gas prices," said IMF managing director Kristalina Georgieva. "This is not true."
Governments that were once locked into a cycle of splurging during times of high oil prices have become more careful with spending.
"They have been reforming relentlessly how they raise money and how they spend money," said Ms Georgieva.
Saudi Arabia stated it wants to use its oil windfall to accelerate projects that contribute to that shift.
The nation is also looking to use the surplus to replenish reserves and make additional transfers to state entities.
Meanwhile, the United Arab Emirates (UAE) will start imposing a nine per cent corporate tax this year, a rare move in a region otherwise known to be tax-free.
The UAE stated it would slash other fees to offset the impact of the levy.
Saudi Arabia has been undergoing some of the biggest changes in decades under Crown Prince Mohammed bin Salman, who wants to use his Vision 2030 plan to overhaul the kingdom's economy and society.
Said World Bank official Ferid Belhaj: "Reforms are happening, the transition is happening. We need to be realistic. I guess you cannot transition from 100 per cent oil dependence to zero and build your whole economy on renewable energy."