“[Economic] activity in oil exporters is benefiting from still-high energy prices, while the pace of expansion in emerging market and middle-income economies appears to be slowing, as these economies face a deep terms-of-trade shock, higher sovereign spreads and eroded market access.” The estimated $1 trillion oil windfall for crude producers, such as the UAE, in five years to the end of 2026 will allow them to invest in projects to support their future economic growth, the IMF said. Primary non-oil fiscal balances are also set to help improve economies in the six-member economic bloc of GCC. Most Gulf nations are expected to continue to save a substantial share of their oil revenues. 

Middle East economic activity remains ‘resilient’ despite global headwinds, IMF says [The National]