THE SAUDI JUGGERNAUT POWERS ON AND ON

摘要

Unlike most countries around the world, Saudi Arabia has weathered the impact of the 2008 global financial crisis rather well. Robust government spending has provided a strong stimulus to the non-oil sector, which grew by 5.5％ in 2013, as it lays the foundations for growth and success in the future. While the country may be surrounded by political instability in Syria, Egypt and Iran, and troubles with neighbours in the Gulf, these concerns are having little or no impact on the new dynamism taking place in the economy. Today, Saudi Arabia's economic fundamentals look remarkably positive, construction is at a new high, and reforms in education and labour are opening up huge opportunities, especially in employment. Dr Fahad Al-Mubarak, governor of regulator the Saudi Arabian Monetary Agency (SAMA), says on the outlook for the economy: "Following a moderate 3.8％ real growth in 2013, the prospects for 2014 are favourable, underpinned by steady fiscal spending, diminishing public debt, reasonable inflation and accumulation of budget and external surpluses.