With tough economic decisions at hand and the price of oil at a tipping point, where is the Saudi economy heading?
In a recent poll conducted by Bayt.com and YouGov, 50% of respondents in Saudi Arabia expect business conditions to improve in one year, and 40% believe things will improve in the next six months.
The survey also found that 80% of all respondents believed the economy was on a downward trend. Only 20% of respondents in the Kingdom of Saudi Arabia believe that their country’s economy has improved compared to 6 months earlier, while 26% claim that it has remained the same. 42% of the respondents believe their country’s economy has receded.
When asked about future expectations, 40% of respondents were optimistic about the economy improving in six months, and 50% believed it would improve in a year. A lower number believed the opposite to be true (25%). 21% of the respondents don’t expect any change in the economy.
The latest quarterly GDP update on the Saudi economy from Jadwa Investment found year-on-year growth continued to slow for the fourth consecutive quarter, “mainly owing to a deceleration in annual GDP growth for both the oil sector and the non-oil private sector.”
