Oxford Economics: Gulf economies are facing the most severe headwinds since the pandemic

Golden Ten Data reported on March 6 that Maya Senussi from Oxford Economics stated in a report that as the US and Israel jointly strike Iran and the subsequent Iranian retaliation escalates regional conflicts, Gulf Arab economies are facing the most severe growth headwinds since the COVID-19 pandemic. The chief economist pointed out that, according to Oxford Economics' preliminary forecasts, the GDP growth rate of Gulf Cooperation Council (GCC) member states is expected to be 1.9 percentage points lower this year than the previous benchmark level of 4.4%. Among them, the deterioration in Oman and Saudi Arabia will be milder compared to their smaller neighbors. The GCC member states include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.