Saudi Arabia’s upcoming international bond issuance and the recent OPEC agreement have put the spotlight back on to the country’s adjustment to low oil prices. One point that is often overlooked is that the government has made significant progress on fiscal consolidation and the majority of spending cuts have already happened. Accordingly, we think the pace of austerity is likely to be eased in 2017-18, which should allow the non-oil sector to embark on a slow recovery.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services