Link here. Data points:
- so far
- deflation, increased unemployment, expanding poverty rates, growing deficit,
- significant decline in general revenues, foreign exchange reserves, and public reserves
- stagnation in the markets, paralysis in vital activities
- expatriate workers fleeign
- sharp decline in the profits of banks and major compaies
- salaries being paid late
- the worse may yet be coming
- increase in the cost of living
- rise in the prices of basic commodities, including gasoline and diesel
- the cost of water, electricity, public transport, telephone bills have magnified
- taxes have risen, especially VAT
- previously unknown to the kingdom, income taxes may follow
- government may have to accelerate its privatization policy: sale of companies and vital facilities to the private sector: schools, hospitals, pharmacies
- may need to sell all flour mills, desalination companies, electricity production, and 27 airports
- unemployment data
- the rate increased to 15.4% 2Q20, compared to 11.8% 1Q20
- rise of unemployment occurred despite 2.5 million expatriate workers fleeing the kingdom since 2017
- 1.2 million more expected to flee this year (2020)
- major companies have stopped paying salaries
- value of oil exports fell almost 50% in July, 2020
- surplus in foreign trade balance fell by 65% from January 1, 2020, through July, 2020
- the cessation of the Hajj and the Umrah will greatly impact Saudi economy
Article fails to mention that Saudi support of terrorist organizations has already fallen significantly.
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