KSA - Local indicators promising after exiting COVID-19 lockdown
Wednesday, 12 09 2020, Category: Economy, Country: Saudi Arabia
The world has never seen a crisis like the one brought on by COVID-19, the Saudi Arabian Minister of Finance Muhammad Al-Jadaan said on Sunday.
He said the Kingdom has taken measures and has prioritized health and people over anything else.
To alleviate the effects of the crisis, the Kingdom’s Financial Market Authority and the Saudi Central Bank (SAMA) has disbursed financial support packages that constitute 3.4 percent of its gross domestic product, the finance minister said, speaking during the fifth financial stability seminar.
In other G20 countries, support packages averaged 9 percent of GDP, Al-Jadaan said.
“Still, the impact in the Kingdom was more pronounced because its economy is expected to decline by 3.2 percent at the end of this year, compared to a decline of more than 6 percent in the G20 countries,” he added.