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Article: Saudi Arabia's $127 billion spending spree: the Kingdom has enacted a massive $127bn fiscal stimulus package to help combat the effects of global recession in the domestic market.(BUSINESS: SAUDI ARABIAN BUDGET)
- Article from:
- The Middle East
- Article date:
- May 1, 2009
- Author:
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The Kingdom's budget this year, which calls for public expenditure of $127bn, is a sign of how determined Saudi Arabia's officials are to combat both global economic recession and slower growth at home. The figure sets a new record and puts Saudi Arabia in a league with the US, China, Australia and Spain--world leaders in the list of countries enacting fiscal stimulus packages to help promote economic recovery.
Altogether, the Kingdom's spending is expected to amount to more than 2% of gross domestic product (GDP) in 2009. Revenues, based on an average oil price of 340 per barrel, are forecast to total $109.6bn, leaving a deficit ...