The royal turmoil in Jordan this week couldn’t come at a worse time for the economy and, if corruption allegations spur unrest, this would raise serious fears over the country’s poor external and budget positions. Meanwhile, the decision by OPEC+ to scale back its oil output cuts over the coming months means that oil sectors in the Gulf will recover a bit more quickly than we had previously expected. Finally, the UAE’s rapid COVID-19 vaccine rollout is helping to reduce infections and, crucially, deaths. This should pave the way for a lifting of containment measures and a sustained economic recovery in the very near-future.
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