Last week’s decision by OPEC+ to accelerate the pace at which it is raising its oil production quota will provide a fillip to economic growth in Saudi Arabia and the UAE. Meanwhile, May’s batch of PMIs further highlighted the growing divergence between the Gulf and non-Gulf economies. And finally, an austerity plan announced by Tunisia’s government this week may appease the IMF ahead of talks over a financing package, but passing such measures will be extremely difficult and ultimately Tunisia will continue on the path toward default.
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