Reports suggest that OPEC+ is weighing up a cut to output quotas for the second meeting in a row next week, presenting a downside risk to our above-consensus GDP growth forecasts in the Gulf. Elsewhere, the Lebanese pound will (finally) be officially devalued by 90% to 15,000/$ at the end of October, but this is just the tip of the iceberg in the long list of reforms the (yet to be formed) government needs to tackle to arrest the crisis. And finally, Morocco’s central bank hiked interest rates for the first time in 14 years this week amid surging inflation and growing concerns over the external position. That said, Morocco is better positioned to weather the challenging external environment than Egypt and Tunisia.
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