Standard & Poor's has affirmed Saudi Arabia's credit rating at A- / A-2, with a stable outlook.
According to Arabiya Net, the agency said in a report that the kingdom's economy is expected to contract by 4.5% in 2020, and it expects a budget deficit of 11% of GDP Total.
and clarified that she believes that the Saudi net assets position is relatively strong, both in terms of the budget and in terms of external balances, which supports its credit rating.
The agency expects the Kingdom to achieve an average growth of 2.4% in GDP during the period from 2021 to 2023, while the average budget deficit during that period will reach 5.1%.
Hussein Al-Raqeeb, director of the Zad Center for Consulting, said that Saudi Arabia is reaping the correct measures taken by the Ministry of Finance, which is to diversify sources of income, whether from raising taxes or from state resources.
In his speech to Al Arabiya, he explained that maintaining the Kingdom's credit rating is a good thing, because the cost of borrowing will be at a good level.
He stated that the International Monetary Fund had expected a 6.5% contraction, but the Minister of Finance said that the deflation would be less than the IMF's expectations. Minister.
and affirmed that the Saudi economy will be one of the fastest growing economies after the Corona pandemic.
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