Stalling Saudi Economy Ripe for Fiscal Rethink as Hurdles Mount

Saudi Arabia’s economy barely expanded last year, increasing the need for the government to reconsider its planned spending cuts to deliver faster growth in 2020 in the face of disruptions from the coronavirus and the prospect of lower energy prices.

Held back by curbs on oil output negotiated by OPEC, the economy of the world’s biggest crude exporter expanded just 0.3% in 2019, down from 2.4% a year earlier and short of the government’s forecast of 0.4%.