Saudi economy continues to slow in 2016
10 Feb 2016
(MENAFN) The Saudi economy will continue to drop this year, as the private sector regulates to the new norm of financial shortages and lower spending by the government.
Accordingly, the cut un the level of spending emphasized in the 2016 Saudi budget will move the government’s determination and ability to help economic activity.
In addition, price increases for local energy products will be a positive move that points to the start of a new trend or reform in domestic economy policymaking.
The current reform to prices will allow the government to grow its local oil incomes by an extra USD 18bn per year for the period 2016-2035, increasing from USD 7bn in 2016.