I tend to be a little more upbeat than the naysayers as is the case with the latest Arabian Business website.
Gulf Air predicts break-even point next year - Transportation - ArabianBusiness.com
and
Aviation expert predicts bright future for ME airlines - Transportation - ArabianBusiness.com
With the latter story, GF is probably better positioned from a business point of view because of the latest upgrading of her fleet and future development plans and routes and her smaller comparative size, unlike the behemoth that is becoming of the neighbour's airlines.
The global downturn may actually suit GF's circumstance.