Saudi Arabia is making a ‘U-turn’ on a controversial policy

Kopitiam Bot

(Source: www.businessinsider.sg)

Saudi Arabia has had a rough go of it as of late. 

The oil crash, which occurred from June 2014 until February 2016 and shaved off about 75% off the price of oil, has wreaked havoc on Saudi Arabia’s economy. 

Economic growth during the first quarter of 2016 grew at a 1.5% annualized rate, which was the weakest since 2013. That growth slowed to 0.9% during the third quarter of the year before ticking back up to 1.2% in the fourth quarter. 

The slowdown in growth has helped contribute to Saudi Arabia’s national debt exploding by 619% since 2014 to 316.5 billion riyals in 2016. 

The oil crash, and its aftermath, caused the kingdom to rethink its “addiction” to oil, leading to the introduction of the Vision 2030 plan, which aims to diversify the Saudi economy away from just oil. The plan includes the initial public offering of state oil giant Saudi…

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