05.04.2016 - Petro-dollar crunch hits GCC sovereign wealth funds
The Gulf Cooperation Council (GCC) countries are facing a major financial crisis if they fail to make changes to their own structures or economies. A continued period of low prices for oil and natural gas will have a detrimental effect on the overall stability of the regional economies. After years of high oil prices, generating vast amounts of revenues being put into sovereign wealth funds (SWFs), the market is oversupplied. Still, gross domestic growth overall in the region is positive, and inflation remains under control. Total growth of the GGC’s GDP, according to the IMF, is set to decrease to 2.7% in 2016, in comparison to 3.2% in 2015 and 3.4% in 2014...............................................Full Article: Source
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