By Masood Ahmed
(Version in عربي)
The steep decline in global oil prices, by 55 percent since last September, has changed the economic dynamics of oil exporters in the Middle East and North Africa. Our update of the Regional Economic Outlook, released yesterday, shows that these countries are now faced with large export and government revenue losses, which are expected to reach about $300 billion (21 percent of GDP) in the Gulf Cooperation Council and about $90 billion (10 percent of GDP) in other oil-exporting countries.
Where prices will eventually settle is, of course, uncertain, making it hard for policymakers to gauge how much of the bane is temporary in nature and what share of it they should expect to last.