How are Gulf states allocating COVID-related spending?
Gulf states’ borrowings have risen steadily since 2014, raising questions over the allocation of resources as the oil-rich region faces the challenge to build resilient non-oil economies.
Gulf Arab states issued record debt last year, in large part after the World Health Organization declared the outbreak of the coronavirus a pandemic just over a year ago, on March 11, 2020.
Levels of indebtedness matter, but so does the question of the allocation of resources. Did the six Gulf Cooperation Council (GCC) member states use the more than $400 billion borrowed since the 2014 oil prices crash to help build more resilient economies?
