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FinancialNews
19-03-20
UAE best-positioned among GCC economies to weather decline in oil prices
(MENAFN) As said in a report, the UAE is top-positioned between GCC economies to face the cut in oil costs as it can finance its recent account shortage longer than any of its regional peers.
The UAE can finance its recent account shortage for 35 years if oil prices stay at USD25 a barrel; Kuwait is in second place and then comes Qatar, Saudi Arabia, Bahrain and Oman, as said by Capital Economics.
According to Jason Tuvey, senior emerging markets economist at Capital Economics, "in the four largest Gulf economies - Saudi Arabia, the UAE, Kuwait and Qatar - current account deficits could be financed through a drawdown of large foreign exchange savings for a considerable amount of time. Saudi Arabia could do so for around a decade and the other three countries for even longer".
The UAE still runs a recent account surplus at USD30 per barrel, as said in the report.
MENAFN1903202000450000ID1099880290
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