This page has economic forecasts for Saudi Arabia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Saudi Arabia economy. Saudi Arabia’s growing petroleum wealth has also wrought irreversible domestic changes—educational and social as well as economic. Latest Saudi Arabia News & headlines on Arab News.
Beyond the Arabian Peninsula, Saudi Arabia’s relations with developing countries hinge on its ability to hand out loans or largesse, which its reduced economic circumstances will now constrain. Saudi Arabia is tripling its value added tax (VAT) as part of austerity measures to support its coronavirus-hit economy. The nation has roughly 18 percent of the world's confirmed oil supplies and is the number one oil exporter in the world. Saudi Arabia's economy is deeply rooted in its petroleum production. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Read Saudi Arabia Newspapers including Saudi Arabia economy Top stories and breaking Saudi News online. According to Saudi Arabia’s Ministry of Finance, the 2016 budget comes amid unprecedented international and regional economic turmoil, namely a global economic slowdown in growth. Saudi Arabia rises in world competitiveness rankings, economy among top 25: IMD Commenting on the results, Saudi Arabia’s Minister of Commerce …
Modern methods of production have been superimposed on a traditional society by the introduction of millions of foreign workers and by the employment of hundreds of thousands of Saudis in nontraditional jobs. Oil production accounts for virtually all of Saudi Arabia's government revenues and export earnings. This is the first significant restriction of the hajj since the modern Saudi kingdom was founded in 1932. DUBAI: Attracting foreign investment into Saudi Arabia is one of the key components of the Vision 2030 strategy to move away from oil dependency and encourage the non-oil economy. Saudi Arabia has an oil-based economy with strong government controls over major economic activities.