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World The Gulf countries will put at least 10 years to end their oil addiction, according to Moody's

16:57  21 june  2021
16:57  21 june  2021 Source:   ouest-france.fr

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Gulf-Economy-Petrole: the Gulf countries will put at least 10 years to end their oil addiction, according to Moody's

LES PAYS DU GOLFE METTRONT AU MOINS 10 ANS POUR METTRE FIN À LEUR DÉPENDANCE AU PÉTROLE, SELON MOODY'S The Gulf countries will put at least 10 years to end their oil addiction, according to Moody's Dubai (Reuters) - the oil-exporting Gulf countries will remain strongly dependent on the production of hydrocarbons during the Less than the next ten years, efforts to diversify their economies that have made limited progress since the 2014-2015 oil shock, according to Moody's.

Dependence on the energy sector will be the "main credit constraint" for the six countries forming the Gulf Cooperation Council (GCC), says the rating agency in a report published on Monday.

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"If oil prices are an average of $ 55 per barrel (...), we believe that hydrocarbon production will remain the main contributor to gross domestic product (GDP) of the CGC countries, the main source Public revenue and, therefore, the main driver of budgetary strength over the next decade at least, "says the Agency.

Oil and gas account for more than 20% of GDP and at least 50% of the government's revenues of most Gulf countries.


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Your Browser does not support this video at the same time, the launch plans of new economic sectors have often ridden, which has Created competition between states integrating the GCC and limited growth opportunities.

"Even if we expect the dynamics of diversification to accelerate, it will be hampered by the reduced availability of resources to finance diversification projects in a context of falling oil prices and by competition within the CGC "Estime Moody's.

According to the rating agency, the social contract between the CGC countries and the citizens - employment, education and free health care for life in exchange for political consent - limits the ability to implement expenditure reductions or to establish taxes.

The non-oil growth of the region is indeed subsidized by very low or even zero direct taxes, adds Moody's, which believes that broader income taxes, necessary to sustainably reduce oil dependence, will probably be implemented. work in the long term.

(Davide Barbuscia, French version Diana Mandiá, edited by Blandine Hénault)

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