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The economic recession in gulf countries has led to the reduction in the Federal government’s revenue, which they have blamed on the decline in crude oil prices.
Since mid 2014 crude oil prices have fallen by more than 70 per cent and all the oil companies have shed down their profits by almost 70 percent and their projects are either been suspended or being cancelled.
In the long run, their very high dependence on oil poses a more fundamental challenge than for almost any of their rival.
With the current situation in the gulf continues there are lot of implications all over the global economy, apart from that gulf countries which are the major producers of the oil are facing the nightmare of the century. This downfall has led them in various ways as oil and gas export revenues are the principal source of export income in GCC.
AIM AND OBJECTIVE
This project aims to investigate the impact of downfall of the oil industry and its impact on gulf countries. The following objectives will help to achieve this project aim:
In summary I will be using a mixed way of analysis, like qualitative and quantitative by using various internet sources and scholastic journals respectively for economic advice and statistical information.
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