Qatar Economic Outlook Downgraded Hours Before Crunch Gulf Meeting

Ratings agency Moody’s has downgraded Qatar’s economic outlook as political uncertainty swirled ahead of a crunch meeting between Arab nations on Wednesday in Cairo.

A quartet of Arab nations said early on Wednesday it had received Qatar’s response to its demands for ending a diplomatic crisis gripping the Persian Gulf. Bahrain, Egypt, Saudi Arabia and the United Arab Emirates said only that they would respond “in a timely manner”.

The nations could impose financial sanctions or force Qatar out of the Gulf Cooperation Council (GCC), a regional body known as the GCC that serves as a counterbalance to Iran.

Some Arab media outlets have suggested a military confrontation or a change of leadership in Qatar could be in the offing, but officials have said those options are not on the table.

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