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Lagarde said the uncertainty in the growth outlook for oil exporters also reflected moves by countries to shift rapidly toward renewable energy over the new few decades, in line with the Paris climate change pact. She said there was scope to improve fiscal frameworks in the Middle East with some of the weaknesses emanating from “short-termism and insufficient credibility”. Lagarde said governments in the region might be tempted to favor white elephant projects instead of investment in people and productive potential vintage military cufflinks.
Saudi Arabia, the Middle East’s biggest economy, has announced plans to go ahead with three major projects including NEOM, a $500 billion economic zone announced by Crown Prince Mohammed bin Salman vintage military cufflinks. The projects are backed by the country’s sovereign wealth fund, the Public Investment Fund. Lagarde also said across the region, it is common for sovereign wealth funds to directly finance projects, bypassing the normal budget process, while state-owned enterprises in some countries had high levels of borrowing, outside the budget..
She said oil exporters could follow the example of other resource-rich countries such as Chile and Norway in using fiscal rules to protect priorities, such as social spending, from commodity price volatility. Among oil importers in the Middle East region, growth had picked up, but it was still below the level before the global financial crisis, she said. Fiscal deficits remained high, and public debt had risen rapidly – from 64 percent of GDP in 2008 to 85 percent a decade later, she said vintage military cufflinks. Public debt now exceeded 90 percent of GDP in nearly half of these countries..
Speaking about the global economy, Lagarde said the IMF was not seeing a global recession on the horizon, but risks were rising for global growth due to trade tensions and tightening financial conditions. The IMF’s revised forecast sees the global economy growing by 3.5 percent this year, 0.2 percentage points below what it expected in October vintage military cufflinks. “Unsurprisingly, a weaker global environment has knock-on effects on the region through a variety of channels – trade, remittances, capital flows, commodity prices, and financing conditions,” she said..
WASHINGTON (Reuters) – Amazon.com Inc is exploring alternatives to locating part of its new headquarters in New York in case the plan should fail due to local opposition, a person briefed on the matter told Reuters on Friday. The online retailer has not yet acquired any land for the project, which would make it easy to scrap its plans, the source said vintage military cufflinks. The Washington Post reported the story earlier on Friday. The person briefed on the matter said that Amazon was still working toward winning approval from New York officials and had not given up on the proposal, but was considering potential alternatives to New York..