Gulf economies appear to grow and shrug off the Arab Spring, U.S. credit downgrade and the sluggish EU economy. But the continued political inaction in the United States and the dithering leaders in Brussels are finally looking to curb the Gulf's enthusiastic economic growth.
Clearly, the Gulf is not an island and a severe recession in parts of the EU and a double-dip in the United States has the potential of shaving off growth.
More worryingly, the Gulf growth continues to be oil led with private sector waiting on the government to stimulate growth. And in any case that private sector growth would evaporate if global economic conditions don't improve.
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