IMF’s Azour Says It’s Important for GCC to Adjust on Fiscal Side

The video discusses the impact of oil price volatility on GCC economies, highlighting the challenges faced by oil exporters and the need for fiscal adjustments. It examines trends in foreign denominated debt and the importance of structural reforms to improve economic growth. Oman is identified as particularly vulnerable, with recommendations for continued fiscal adjustments and diversification efforts. The video emphasizes the need for GCC countries to pursue economic reforms, including reducing public sector size and increasing private sector involvement, to mitigate the effects of global economic challenges.

What are the crucial reforms that GCC countries need to implement to reduce vulnerability to oil price volatility?

In what ways can GCC countries diversify their economies away from oil?