GCC's Economic Downturn After IMF's Last Warning


This short report provides a brief overview of the fluctuations in oil prices throughout the years. The report also points out the latest drop in prices of crude oil below US$100 per barrel and IMF’s warning that a prolonged fall in prices would potentially lead to fiscal deficits GCC oil exporters.

With the GCC’s continued high dependence on oil, rapid deterioration in the global economy could potentially lead to a repeat of the global experience in 2009, including a sharp fall in oil prices and disruptions to capital flows. The report concludes that the GCC may overcome the impacts of a prolonged period of low oil prices by utilizing their savings in strengthening the non-oil economic activities.

I. Introduction
II. Overview of Oil Prices throughout the Years
III. Recent Developments
IV. Conclusions

Secondary analysis of online documents

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