Gulf economies risk worst slump since 1990s if Iran war drags on

The US-Israeli war on Iran could push several Gulf economies into their worst downturn since the early 1990s if the conflict continues and disruption in the Strait of Hormuz persists, according to Bloomberg. Citing Goldman Sachs economist Farouk Soussa, Bloomberg said Qatar and Kuwait could each see gross domestic product shrink by 14 per cent this year if the war continues through the end of April and results in a two-month effective halt to oil and gas flows through Hormuz. Such a collapse would mark the sharpest hit to those economies since the turmoil triggered by Iraq’s invasion of Kuwait and the Gulf War Saudi Arabia and the United Arab Emirates would be in a stronger position because they can […]