Oil and gas accounts for over 20% of gross domestic product and at least 50% of state revenues for most Gulf countries.”If oil prices average $55/barrel … we expect hydrocarbon production to remain the single largest contributor to GCC sovereigns’ GDP, the main source of government revenue and, therefore, the key driver of fiscal strength over at least the next decade,” it said.

Faced with a demographic crisis, the Chinese government relaxed the policy in 2016 to allow for two children, but many couples in the Han middle class were reluctant to have more than one child, citing the high costs of raising families particularly in cities. In 2020, the birth rate fell by almost 15 per cent year on year.