The central bank increased interest rates for the first time in more than three years and warned that inflation would climb to about 5 percent next year, far above its target.
States like Saudi Arabia and the United Arab Emirates that have worked to rebalance from a dependence on energy have seen growth plunge in a year of strife.
The Olaya district of Riyadh, Saudi Arabia. Gulf economies have shrunk 5 percent, as the Hormuz crisis hits energy exports and threatens regional diversification plans.
John Healey, Britain’s chancellor, carrying the traditional red ministerial box on Wednesday as he leaves for the House of Commons to deliver the first budget.
The Communist Party uses a “national team” of state-owned investment funds to stem the market rout. But this time, investors are not sure it will work.
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