Economist Podcasts Crude awakening: the Arab world after oil
Jul 14, 2020
Roger McShane, the Middle East editor for The Economist, explores the seismic shifts in the Arab world as countries confront cheap oil prices. He discusses how historic price drops are pushing for essential economic reforms and could lead to both unrest and innovation. With a focus on diversifying economies and reducing oil dependency, he highlights the challenges and opportunities that arise during this timely transition. Additionally, the impacts of COVID-19 on midwifery services are touched upon, showcasing health system adaptations in the wake of crises.
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Arab World and Cheap Oil
- Cheap oil impacts the Arab world, the largest oil-producing region, significantly.
- This situation creates both challenges and opportunities for change.
Fiscal Challenges for Oil Producers
- Many Arab countries face budgetary imbalances due to low oil prices, impacting their fiscal break-even points.
- Even wealthy nations like Saudi Arabia must accelerate economic diversification plans.
Impact on Non-Oil Producers
- Non-oil producing Arab nations suffer indirectly from reduced remittances and aid from oil-rich states.
- These countries rely on the Gulf for labor markets, financial support, and trade.
