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FINANCIAL NEWS
Gulf economy declines due to workers debt trap
01 Jun 2016
(MENAFN) The economic slowdown in Gulf States like Qatar doesn’t have bankruptcy laws, leaving laid-off workers on the hook for outstanding sums.
Moreover, the Middle East witnessed many boom and bust cycles among the last decades, beaten by the global price of crude oil.
Additionally, this recent fiscal collapse started with oil prices falling from over USD 100 a barrel in 2014 to this Jan to under USD 30 a barrel.
On the other hand, oil has scraped back to USD 50 a barrel on supply disruptions and lowered reserves.
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