Moody’s Investor Service has affirmed the Kingdom’s A1 rating with a stable outlook and raised its GDP growth forecasts for the period (2018-2019) to 2.5 percent and 2.7 percent respectively, instead of its previous expectations of 1.3 percent and 1.5 percent for the same period reported in April this year.
A Saudi man counts banknotes at his jewelry shop at Tiba market in Riyadh, on October 3, 2016. Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy. FAYEZ NURELDINE / AFP