Saudi Arabia’s Fiscal Challenges and 2030 Vision
Triangle Media Director writes for the USA’s Counterpunch on Saudi Arabia’s struggle to diversify its economy and adapt to low oil prices
May 5, 2016
BEIRUT (Triangle News)— Triangle’s Media Director penned an article for American website Counterpunch.org on Saudi Arabia’s struggle to balance its budget following the drop in oil prices, the difficulties of implementing Crown Prince Mohammed bin Salman’s Vision 2030, and the lack of economic diversification in the kingdom.
“Saudi Arabia is one of the most powerful countries in West Asia due to its tremendous oil resources, but the low oil price has hit the kingdom hard, needing $104 a barrel for its budget to break-even. This is having an impact on the country of course, but also on the rest of the region due to the kingdom’s political and economic clout,” said Paul Cochrane, Triangle’s Media Director. “How Saudi Arabia deals with this new economic reality will have far-reaching consequences, for the immediate term, and in the longer run due to the global move – albeit it gradual – away from hydrocarbon-based economies.”
Photo Credit: Shutterstock