The GCC countries have been hit hard by the most severe macroeconomic shock in their history as independent nations. The collapse of oil prices earlier this year dealt a heavy blow to oil exporters all around the world. While some of the GCC countries are among the most wealthy nations on earth, the oil crisis caused their fiscal balances and their current accounts to deteriorate sharply in the face of the twin oil shock and demand crisis provoked by the coronavirus. Beyond some common features, there are disparities in terms of resilience to the crisis and capacity to deal with its consequences. Leaving appart the special case of Dubai and to some extent Bahrain, the GCC governments must accelerate their efforts to transform their economies.