Saudi Arabia’s Deficit To Soar As Oil Price War Rages On

Saudi Arabia could book a budget deficit of as much as $61 billion this year under the double blow of the coronavirus pandemic and the global oil glut, research from financial firm Jadwa Investments has suggested. This would represent almost 8 percent of the Kingdom’s GDP, Arabian Business reported, adding that the budget revenue for the year will be a bit lower than what the government projected in its budget draft, at $210 billion (791 billion riyals). Spending, on the other hand, will come in at $270 billion (1.02 trillion riyals). "Overall,…