The World Bank projects a 2.1% contraction in 2026 for the economies of the Middle East, North Africa, Afghanistan and Pakistan, with Gulf Cooperation Council states shrinking by an average of 4.3%, according to the Jerusalem Post.

Qatar and Kuwait are the hardest hit, with GDP contracting 20.9% and 14.6% respectively, while the United Arab Emirates (UAE) and Saudi Arabia are the least affected, at 1.6% and 2.0%. The bank attributes the decline to the closure of Hormuz: Gulf oil production fell from a prewar average of about 26 million to about 16 million barrels a day in March, according to The National.