TAG: Saudi Arabia
On Thursday's (22/12/16) newspaper review with BBC World News, OBG Editor-in-Chief, Oliver Cornock discusses the short-term pain and long-term gain of the Saudi budget announcement, and the enormity of its impact on the global economy. The review also discusses Italy’s struggling banking sector following the cabinet’s approval of the state-bailout for Banco Monte dei Paschi di Siena, the third largest Italian commercial and retail bank by total assets.
It’s not difficult to conclude that for the Gulf region’s largest economy the past two years have been far from easy. What many analysts are now terming the new normal for oil prices – somewhere between $50-60 per barrel – has had a dramatic impact on Saudi Arabia’s fiscal position. But what impact is this having on business sentiment in the Kingdom?