Riyadh – Mubasher: Saudi Arabia’s economy will likely grow by 2% to 2.5% annually over the coming five years, compared to the 4.6% economic growth recorded between 2011 and 2016, according to a report issued by Moody's Investors Service.
The kingdom’s “credit strengths include a robust but deteriorating fiscal position, substantial external liquidity buffers, large oil reserves with low extraction costs, and prudent financial system regulation,” the report added.
The international rating agency affirmed Saudi Arabia’s sovereign credit rating at A1 with a stable outlook.
“The government's balance sheet remains strong, despite the decline in oil prices since 2014 that has pushed the budget balance into deficit, eroded government reserves, and prompted large issuance of debt,” Moody's added.
