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Saudi Arabia: Under pressure, there is no easy escape from fiscal constraints for governments
The Gulf Co-operation Council (GCC) economies are expected to suffer a further slowdown this year, in large part due to the oil production cuts agreed through The Organisation of Petroleum Exporting Countries (Opec), but most of them will at least continue to grow according to the latest forecasts from the International Monetary Fund (IMF) published on 2 May. The Fund is predicting growth of just 0.9% this year across the six GCC states, compared to 3.8% in 2015 and 2% in 2016.
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