Slowing global oil demand growth next year, spiking food prices, and fears of recession in major oil-importing countries are set to slow economic growth in the Middle East, whose major oil producers are enjoying this year a windfall of oil revenues and the highest growth in years. Economies in the Arab Gulf states that are part of the Gulf Cooperation Council (GCC)—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE)—are on track for the fastest economic growth in years and for budget surpluses,…
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