UAE Fiscal Standing Receives a Dramatic Boost on Higher Oil Prices

According to IMF, higher oil prices have caused a massive improvement in the economic outlook of the Gulf countries. The IMF released a report that shows that the UAE’s 2022 forecast has shifted from a 0.2% deficit to an 8.1% surplus.

This will cause the public debt to slash from 38.3% of Gross Domestic Product to merely 31.7%. The current account balance that was earlier forecasted to be at a surplus of 9.4% of the GDP, is now....