Growth forecasts for the non-oil sector in Gulf countries are declining due to the war
Photo - M.A.N.
The U.S. bank lowered its non-oil growth forecasts by 0.3 percentage points across the Gulf states, with the largest declines recorded in Bahrain (0.5 percentage points) and the UAE (0.4 percentage points).
J.P. Morgan analysts said, "Risks are high on several fronts and will depend largely on the outcome of the conflict."
The bank announced that it no longer expects the Turkish Central Bank to cut interest rates at its March 12 meeting, and raised its forecast for the interest rate at the end of 2026 to 31 percent from 30 percent, while inflation is expected to reach 25 percent instead of 24 percent.&
The bank added, "With Israel directly involved in the current conflict, it is likely fair to assume that the Bank of Israel (the central bank) will not cut interest rates this March either."
As U.S.-Israeli military operations against Iran intensified, oil prices surged amid ongoing U.S. and Israeli strikes on Iran, with Brent crude reaching $79.40 per barrel and West Texas Intermediate rising to $73.10.
As the United States continues to target Iran’s air defense systems and naval capabilities, global attention has shifted to the security of oil supplies
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