Saudi economy to grow by 4.5% in 2010, says Goldman Sachs
Source: BI-ME , Author: BI-ME staff
Posted: Tue January 5, 2010 9:40 pm

SAUDI ARABIA. The Saudi economy will expand 4.5% this year as increased public expenditure paves the way for sustained economic recovery, The National reported, citing a Goldman Sachs forecast.

Strong balance sheets in the banking and household sectors should also help to ensure that the kingdom outperforms most other GCC members, Goldman said in a research note.

“Saudi authorities currently have considerable fiscal resources at hand, which would enable them to support the economy and ensure that recovery is sustained through 2010,” said Ahmet Akarli, an economist at Goldman Sachs

The US bank expects a budget surplus for the current year of about SAR230 billion, with revenue at SAR860 billion  and outlays at SAR630 billion.

Public expenditure could approach 35% of GDP this year, a smaller share than last year, but higher than the shares for the two years prior to that, Goldman said.

“Clearly, Saudi Arabia, alongside the GCC’s other hydrocarbon-heavy economy Qatar, is ideally positioned to benefit from the ongoing cyclical recovery in the global economy and outperform its peers in the Gulf region,” said Akarli.

The IMF has forecast growth of 4% in Saudi Arabia for this year.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: May 3, 2016
INTERNATIONAL. Emerging and startup digital banking platform technologies key to success of digital initiatives; incumbent application vendors have been slow to respond to new requirements.
date:Posted: May 3, 2016
INTERNATIONAL. Highest quarterly attack total since group took Mosul in June 2014; Al-Qaeda affiliates take a back seat five years after Bin Laden, but are still a significant threat.
date:Posted: May 3, 2016
SAUDI ARABIA. The slowdown is due to demand-supply mismatch and the country's overall macroeconomic scenario, according to JLL's latest report; The existing mismatch is expected to widen as more retail and office supply is expected to enter the market with the easing of backlog projects.
INTERNATIONAL. Emerging and startup digital banking platform technologies key to success of digital initiatives; incumbent application vendors have been slow to respond to new requirements.
dhgate