Economics
Gulf Economies So Hit by Crisis That Rebound May Be L-Shaped
The main King Fahd road sits empty following a curfew in Riyadh, on March 26.
Photographer: Fayez Nureldine/AFP via Getty ImagesThis article is for subscribers only.
The non-oil economies of the energy-rich Gulf states are likely going in reverse this year, shrinking in the case of Saudi Arabia for the first time in more than three decades.
Once they shift into higher gear, the bounceback will generate so little momentum that a creeping recovery may look “L-shaped” for years to come, according to Ziad Daoud of Bloomberg Economics.