Crumbling Prices Gave Gulf States A Terrifying Glimpse Of A Post Oil Future. Can They Adjust Opinion
Decades after Sheikh Rashid uttered the famous line, the unprecedented dual shock of plunging oil prices and the COVID-19 pandemic jolted the Arab states of the Gulf into kicking off key reforms. On May 11, Saudi Arabia announced austerity measures, “tripling its VAT to 15 per cent and cutting a cost-of-living allowance for government workers,” Bloomberg reported. Bahrain, meanwhile, slashed ministries and government agencies spending by 30 percent. Still, even this might not be enough....