2050 Projections of the Persian Gulf Economies

Projections of Persian Gulf Economies are obtained by forecasting their GDPs (constant 2010 US$) with spectral analysis until 2050. Persian Gulf Economies being oil-driven, the special relationship between oil price and Persian Gulf Economies is unfolded with Multiscale Principal Component Analysis and integrated into the forecasts. The GDPs are decomposed into clearer signals called approximations and details in the one-dimensional discrete wavelet analysis framework. The simplified signals are recomposed after the Burg extension. Spectral analysis forecasts are all bullish for the eight economies of the Persian Gulf. Two thousand fifty spectral analysis projections rank Iraq first with an annual growth rate of +2.37% and Iran second with +2.19%. The two laggers among the 2050 spectral analysis projections are Saudi Arabia (+1.37%) and Kuwait (-0.04%). Two thousand twenty-four spectral analysis projections rank Iran first with an annual growth rate compounded of +4.12% and Iraq second with +3.79%. In comparison, IMF projections rank Iraq first (+3.17%) and United Arab Emirates (+2.92%). The two laggers among the 2024 spectral analysis projections are Qatar (0.22%) and Kuwait (-3.74%), while the two laggers among the 2024 IMF projections are Saudi Arabia (+2.15%) and Iran (-0.30%). In 2020, the COVID-19 pandemic brutally hurt Persian Gulf Economies following a collapse in the global demand for oil and an oversupplied industry. The individual effect on these economies will depend on the response brought by their respective governments.