02265cas a2200241 a 4500 AALejournalIMF020696 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498346214 2663-3493 BD-DhAAL BD-DhAAL International Monetary Fund. Gulf Cooperation Council : How Can Growth-Friendlier Expenditure-Based Fiscal Adjustment be Achieved in the GCC?. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (34 pages) Policy Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students growth in expenditure, GCC governments have started to implement significant fiscal consolidation measures, but more needs to be done. Rapid population growth and booming oil revenues led to large increases in government spending in the GCC in the decade to 2014, which now stands high by international standards. This expenditure is dominated by compensation of employees and other current spending which are large in percent of GDP compared to Emerging Market (EM) countries and other oil exporters. This keeps overall spending above levels consistent with long-term fiscal sustainability and intergenerational equity. The international experience with large fiscal adjustments provides some key lessons for GCC countries. This experience suggests that growth outcomes improve when fiscal adjustments are sustained as part of credible multi-year fiscal plans, rely on expenditure more than revenue adjustment, and lead to improvements in expenditure composition (away from current outlays to more productive spending) and the structure of revenue (away from direct to indirect taxation). Successful fiscal adjustments also tend to be part of wider structural reforms that support growth. Mode of access: Internet Policy Papers; Policy Paper ; No. 2017/065 Full text available on IMF http://elibrary.imf.org/view/journals/007/2017/065/007.2017.issue-065-en.xml IMF e-Library