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2008 Global Financial Recession Impact on Yemen’s Economy and Oil Industry

This paper concluded that to improve the overall Yemen’s economy and avoid any unpleasant economic event in the future, government should have a strategic plan to achieve sustain growth rate by diverse outcome resources, support the private sector and encourage investments. | 2008 Global Financial Recession Impact on Yemen s Economy and Oil Industry Technium Social Sciences Journal Vol. 5 46-60 March 2020 ISSN 2668-7798 www.techniumscience.com 2008 Global Financial Recession Impact on Yemen s Economy and Oil Industry Abdulghani Gaghman The Bucharest University of Economic Studies Romania abdulghanigaghman@stud.ase.ro Abstract. Yemen as an oil exporting country with relatively larger populations and modest oil re-sources has witnessed a sharp deterioration in their public finances and current account balances in 2008-2009 as a result of financial crisis mainly lower oil prices leading to a weakening of the economy. This study targeting the global crisis impact on Yemen s economy by analysis the macroe-conomic indicators to understand how much the government achieve in term of economic effi-ciency which reflected in economic growth full employment trade balance and price stability. Yemen has less developed monetary banking system and relatively minor exposure to for-eign banks which result in fair impact from the financial global crisis. However the government can t sustain exchange rate and stabilize the price the non-oil declined by 3 of the determined gross domestic product GDP in 2009 from 6.98 in 2008. This paper found that the crisis has negative impact on the government revenues trade bal-ance and significant reduction in foreign direct investment FDI caused reduction in spending and widened the deficits in the budget and the balance of payments. Real growth has been achieved relatively high rates and through precisely the crisis. The revenues declined more than 10 in 2009 and government expenditures reduced with regards to decline in oil revenues and service delivery. The government responses were successful in the monetary policy side but with lots of blurred in the fiscal policies which was subject for critical discussion and assessment. This paper concluded that to improve the overall Yemen s economy and avoid any unpleasant