Expat Exodus Threatens Gulf Economies, S&P Says

Gulf Arab states lost up to 4% of their population last year in an “exodus” of expatriate workers that could complicate the diversification of the region’s economies, S&P Global Ratings warned in a report.

The share of foreigners relative to citizens in Gulf Cooperation Council countries is set to drop further through 2023 “because of subdued non-oil sector growth and workforce nationalization policies,” credit analysts led by Zahabia Gupta said Monday in one of the first glimpses into the region’s demographic dynamics during the coronavirus pandemic.