HSBC’s chief Middle East economist has stark message for regional budget-makers | The National:
"The slump in oil prices has triggered a steep downturn in economic activity in the oil-producing countries of the Arabian Gulf that has “many years to run", according to one of the leading economic analysts of the region.
In his latest quarterly report on the region, Simon Williams, chief economist for the Middle East at HSBC, wrote that oil prices would need to almost double to spark a significant economic recovery in the region.
“Only if oil prices rose back above $80 per barrel would we start to believe that the oil-dependent states’ broken economic model might yet return to life," said Mr Williams."
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