The slump in oil prices and Opec production cuts are forcing economists to revise downwards their projections for the Gulf states, once seen as the last bastions of growth amid the grim global outlook this year.
Over the past five years the oil-rich Gulf states saw average growth of 6.5 per cent but HSBC warns that the region is set for its most severe retrenchment in 20 years as nominal gross domestic product declines 25 per cent.
It estimates a quickening economic deceleration across the Gulf in 2009 as real gross domestic product growth falls to less than 2 per cent.
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