Without reforms, Gulf oil wealth could vanish by 2034: IMF

Dubai (AFP) – Energy-addicted Gulf states must undertake much deeper reforms or risk seeing their wealth drain away in 15 years as global demand for oil slides, the IMF warned Thursday.”At the current fiscal stance, the region’s financial wealth could be depleted by 2034,” the International Monetary Fund said in a study on “the future of oil and fiscal sustainability” in the region.The Gulf states, which heavily depend on the “black gold” that has enriched them for decades, have no choice but to accelerate and widen economic reforms to avoid becoming net borrowers, the IMF said.The Gulf Cooper…

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