Arab states lost 50 percent in income, withdrew assets to compensate budget shortfalls
Regional, Economics, 6/12/1999

An Arab economic study said that in spite of the domination practiced by the petroleum sector on the activity of the main economic sectors in the Arab states for more than three decades, the Arab states could not make essential structural changes in the international petroleum market, and the drop in petroleum prices last year and at the beginning of the current year led to the loss of more than 50% of income.

Soleriman El-Monzeri, the economic advisor for the union of stock markets and the organizations of Arab finance market, said in a study titled "The future of petroleum markets and horizons of Arab economy" that most of the petroleum-exporting countries in OPEC are currently suffering from a deteriorated financial position and a chronic budget deficit as well as a deficit in balance of payments and foreign debts.

Previous Stories:
  Beirut to host fifth conference for Arab capital markets   (4/6/1999)
  A report confirms increase of petroleum consumption in Arab nation   (3/25/1999)
  5 countries to reduce oil production in April   (3/13/1999)
  Urgent meeting for Gulf ministers of petroleum tomorrow   (3/9/1999)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search