The suffering Gulf

Article Abstract:

Low petroleum prices have affected the six Gulf governments and this has hit budget forecasts as well as leading to cancelled contracts. Development and construction projects have been especially affected. Currency markets have been affected. Employment prospects for Gulf Arabs have been hit and jobs that were previously carried out by immigrants have become more attractive. Diversification away from petroleum is difficult to achieve. Privatizations could result in funds raised from asset sales being spent on short-term obligations. Gulf states have large overseas investments, and success is linked to some of these funds staying for domestic investment.

Economic aspects, Indian Ocean, Gulf States

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It's all Chavez

Article Abstract:

Hugo Chavez could become president of Venezuela after elections of Dec 1998, according to opinion polls. Chavez has become a key election issue. He attempted a coup in 1992 and is represented as a threat in the 1998 elections. The Venezuelan economy has been hit by a drop in petroleum prices and this reduces the government's revenue. Government spending has had to be reduced. A devaluation has been suggested, but this could push up inflation. Chavez opposes market economics introduced in 1996, and which have yet to show gains for Venezuelans.

Legislative Bodies, Budget, Political aspects, Government spending policy, Venezuela

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