JEDDAH: The Arab Monetary Fund (AMF) hopes to achieve an average growth of 2.8 percent in 2017. It recorded an average growth of 3.4 percent during the period between 2012 and 2016, according to recent data.
The AMF’s chairman presented these figures during the second annual meeting of undersecretaries of Arab Ministries of Finance in Abu Dhabi.
The two-day event, organized by the AMF, ended on Thursday.
It discussed various topics including oil price reforms, economic diversification and strategies of enhancing growth in the Arab world.
Abdulrahman Al-Hamidy, director-general and chairman of the AMF board, said: “Arab economies are facing challenges with the developments at economic, financial, regional and international levels due to the slow pace of the recovery of the world economy and the instability of the oil prices.”
Al-Hamidy emphasized that the current pace of growth in the region is still below the level that would allow Arab countries to progress in terms of reducing poverty and unemployment.
The total deficit of public budgets in Arab countries is over 10 percent of gross domestic product (GDP).
The discussions stressed on the importance of achieving an economic diversity as a way to develop the economies.
The undersecretaries also tackled the current status of tax reform policies in addition to value added tax (VAT) that is set to be imposed in the GCC region in 2018.
The concluding statement of the meeting reviewed the preparations for the second forum of public finances in Arab counties, taking place in Dubai on Feb. 12.
The event is expected to discuss the challenges faced by financial policymakers in the Arab region within the framework of regional, international economic and financial developments.
The fluctuation of oil prices and the slowdown in the recovery of global growth will be among the main topics.
The AMF’s chairman presented these figures during the second annual meeting of undersecretaries of Arab Ministries of Finance in Abu Dhabi.
The two-day event, organized by the AMF, ended on Thursday.
It discussed various topics including oil price reforms, economic diversification and strategies of enhancing growth in the Arab world.
Abdulrahman Al-Hamidy, director-general and chairman of the AMF board, said: “Arab economies are facing challenges with the developments at economic, financial, regional and international levels due to the slow pace of the recovery of the world economy and the instability of the oil prices.”
Al-Hamidy emphasized that the current pace of growth in the region is still below the level that would allow Arab countries to progress in terms of reducing poverty and unemployment.
The total deficit of public budgets in Arab countries is over 10 percent of gross domestic product (GDP).
The discussions stressed on the importance of achieving an economic diversity as a way to develop the economies.
The undersecretaries also tackled the current status of tax reform policies in addition to value added tax (VAT) that is set to be imposed in the GCC region in 2018.
The concluding statement of the meeting reviewed the preparations for the second forum of public finances in Arab counties, taking place in Dubai on Feb. 12.
The event is expected to discuss the challenges faced by financial policymakers in the Arab region within the framework of regional, international economic and financial developments.
The fluctuation of oil prices and the slowdown in the recovery of global growth will be among the main topics.
