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Article: Saudi Arabia faces maturity. (Saudi Arabia's economic policy) (Special Report)
- Article from:
- The Middle East
- Article date:
- July 1, 1994
CopyrightCOPYRIGHT 1994 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In an interview in June, King Fahd declared that "there is no doubt that the economy in Saudi Arabia, regardless of what anyone tries to say or insinuate from afar, is a strong one." The king was reacting to what he described as "some kind of bias regarding the economy of Saudi Arabia" from European and American sources. In this report, The Middle East assesses the state of Saudi Arabia's economic situation.
LACKING IN DETAIL though it is, the kingdom's 1994 budget implied that reduction of public expenditure is preferable to reduction of oil output. Budget outlays have been reduced by 19% compared with the forecast for 1993. The overall strategy was reaffirmed at a ...