Arab countries are expected to achieve a collective growth of 2.9% in 2018, according to the Arab Monetary Fund’s (AMF) data, said fund’s chairman Abdulrahman Al Hamidy.
Arab economies will recover, given the increase in oil exporters’ growth and the new economic reforms, Al Hamidy added.
The chairman also referred to the reduction of government oil subsidies in the AMF’s member states to $98 billion in 2017 from $117 billion in 2015.
The partnership between the private and public sectors is still limited in the Arab nations, Al Hamidy remarked.
Despite the Arab world’s tax reformation, tax revenues did not exceed 6.8%, while the global average of tax revenues is 15% of the gross domestic product (GDP), the top official concluded.