How Did the Saudi Economy Tackle the Volatility of 2020 So Far?
- Date: 24-Sep-2020
- Source: Al Bawaba
- Sector:Economy
- Country:Saudi Arabia
How Did the Saudi Economy Tackle the Volatility of 2020 So Far?
Published September 23rd, 2020 - 03:00 GMT
By the beginning of 2020, plans for the Saudi economy were promising decreased reliance on oil revenues and more investments in other economic sectors; through expanding spending on tourism, manufacturing, art, culture, and entertainment activities. However, the COVID-19 pandemic hit the world including the Saudi Kingdom in March, wreaking havoc across the largest Arab economy.
Despite a very promising start of the year especially as Saudi Arabia had already made progress on multi-billion projects included in its 2030 Vision, such as the NEOM city and the King Abdullah Financial District, the Coronavirus outbreak came to interrupt all plans during Q1 of 2020, putting all projects on hold and
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