Saudi Arabia, the largest Arab economy, will account for 55% of the total GCC states' deficits, says ratings agency
Arab states of the energy-rich Gulf are expected to accumulate $490b in deficits by 2023 due to the double hit of low oil prices and the coronavirus slowdown, S&P Global said Monday.
It based its estimates on an average oil price of $30 a barrel this year, forecast to rise to $55 in 2022. “We expect total GCC government debt to increase by a record high of about $100bn in 2020 alone,” it said. The coronavirus pandemic has hit global oil demand hard, leading to a crash in oil prices to a two-decade low before a partial recovery.
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