“The message seems to be that now is a moment for tough fiscal discipline that will benefit the country in the long-term, and that may be true. However, recovery will be slow, unemployment will become more entrenched, and an uptick will be dependent on oil price increases and global demand picking up next year.”
-Karen Young, resident scholar at the American Enterprise Institute, comments on the recent hike in VAT in Saudi Arabia in an article by Ahmed Al-Omran for Financial Times. [Financial Times]
