From Disaster To Dreamland: Gulf Economies Are Exploding in 2021

Last year, deep in the throes of the energy crisis, Gulf nations led by Saudi Arabia constantly touted the strength of their economies, claiming they could withstand any scale of shocks. But the truth of the matter is that most Gulf economies were in dire straits thanks to their overreliance on oil. With oil prices stuck around $40/barrel, only Qatar managed to balance its books, while  Saudi Arabia's fiscal breakeven price of $76.10 meant that it faced a glaring deficit. Indeed, S&P Global Ratings estimated that GCC (Gulf Cooperation…