IMF issues economic warning to GCC economies

International Monetary Fund (IMF) has issued a warning to Gulf states that their financial wealth could deplete in the next 15 years due to falling oil revenues unless they accelerate their fiscal reforms. According to IMF estimates, the Gulf Cooperation Council (GCC) countries account for over one fifth of the world’s oil supply and have a financial wealth of more than $2 trillion. However, this figure could be reduced in the years to come as hydrocarbon revenues fall.