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PwC Middle East has published a report by economic expert Richard Boxshall that public wage expenditures, which are higher in the Gulf than in developed countries, are not related to the quality of services, partly because of the lack of motivation to perform tasks and negative consequences of attractive public jobs. Relatively on the labor market in the private sector.
The Gulf states have taken steps to address the public sector employment system, whose financial viability is decreasing day by day and where some countries are costing about one-fifth of GDP, double the average of the average. 39, Organization for Economic Co-operation and Development (OECD). In addition, some states have reduced pension funding in the public sector, which has intensified efforts to direct new jobs to the private sector.
In Kuwait, the Public Service Office is working to implement aggressive strategies to reduce the number of expatriates in the public sector, including an initiative that requires most of the administrative functions of Kuwaiti citizens.
This publication of the Middle East Economic Bulletin discusses the impact of the sharp rise in oil prices during the first half of the year, which has resulted in divergences among OPEC member countries over the strategy of oil and gas. the organization, as well as the relative ambiguity of the results of the meeting of the Organization. Last June. Despite the above, most countries capable of producing it have increased.
"The Middle East has seen significant developments in recent months, among the most significant developments in Saudi Arabia and the other oil-exporting countries, the impact of higher than expected oil prices on public finances, which should increase public spending and economic growth. "
On the other hand, oil supplies remain low and the increase in the rate of compliance and the rise in crude oil prices have put pressure on the major oil-consuming countries, accompanied by a rebound in US crude oil production, which almost offset the planned production cuts. The OPEC should now avoid a new cycle of expansion and slowdown. In July, most countries with additional production capacity increased their production. Given Venezuela's continued decline in production in August, the problem of increased compliance has re-emerged. The overall decline in production over the summer has helped push prices up to over $ 80. Although the downward price wave is back, the entire year will likely be higher than expected, which will improve the country's financial situation and confidence in the Gulf's economic growth.
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