Governments urged to boost financial competition to counter falling oil prices

4 October 2016

Falling oil prices have undermined the role of Middle Eastern governments to drive GCC business investment. To compensate, governments will need to prioritise public spending, create a more competitive banking and financial sector and open up to foreign investment, according to a UK report.

The report, Economic Insight: Middle East study by the Institute of Chartered Accountants of England and Wales (ICAEW) and Oxford Economics, also predicts an upswing in oil prices for 2016 and 2017, but says that the region’s governments will still face significant challenges. 

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