Saudi Arabia expects a budget deficit for this year and up to 2026 after revising earlier predictions of a surplus, as it funnels money into gigaprojects and expanding its non-oil economy.
In a preliminary budget statement for 2024 released at the weekend, the kingdom also pared its growth forecast for this year. It now predicts 0.03 per cent growth overall — with 5.9 per cent growth in the non-oil economy — after being among the world’s fastest-growing economies last year with almost 9 per cent GDP growth on the back of a petrodollar windfall.
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