Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Arabia sees Global Crisis Cutting Inflation - ASHARQ AL-AWSAT English Archive
Select Page

RIYADH, (Reuters) – The oil-based Saudi economy will continue to show “reassuring” growth rates despite the global financial crisis, which is expected to ease inflation, the economy minister said in remarks published on Tuesday.

The current crisis is “a global one that will affect almost all the world’s economies”, Economy and Planning Minister Khaled bin Mohammad al-Qusaibi wrote in a column in al-Jazirah newspaper.

“Forecasts by specialised local institutions — the economy and planning ministry … show that the Saudi economy will continue to achieve positive and reassuring growth rates over the next period,” he wrote.

The Saudi economy posted over the 2003-2007 period an average 5 percent economic growth per year, he said.

The world’s largest oil exporter, where inflation is close to a 30-year high, should benefit from expected reductions in food prices, construction and other input costs, he added.

The banking regulatory environment in Saudi Arabia is more “rational and conservative” than it is in the United States and other countries, Qusaibi said.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube