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Saudi Growth Slashed to 1.4% Amid Trump Blockade, Gulf Recessions

7/17/2026

40 9 Full Breakdown

Summary

Story summary

Saudi Arabia's 2024 growth estimate fell to 1.4% from 2.6% as U.S. President Donald Trump's blockade of shipping and Hormuz disruptions pushed oil to $85 a barrel.
Kuwait and Qatar forecast 8.1% GDP contractions, Bahrain a 5.1% shrink, and UAE a 0.5% decline.
Oman, whose terminal lies outside Strait of Hormuz, expects 3.1% growth in 2024.
Median 2024 inflation expectations stay modest, from 1.9% in Bahrain to 3.2% in Qatar.

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Story summary

Saudi Arabia's 2024 growth estimate fell to 1.4% from 2.6% as U.S. President Donald Trump's blockade of shipping and Hormuz disruptions pushed oil to $85 a barrel.
Kuwait and Qatar forecast 8.1% GDP contractions, Bahrain a 5.1% shrink, and UAE a 0.5% decline.
Oman, whose terminal lies outside Strait of Hormuz, expects 3.1% growth in 2024.
Median 2024 inflation expectations stay modest, from 1.9% in Bahrain to 3.2% in Qatar.