Saudi Arabia has delayed balancing its budget, projecting a $52bn deficit for 2018. But a much-flagged spending boost is less than 1% in real terms, whilst fuel subsidy reform has been kicked into the long grass.

 

Saudi Arabia is launching an expansionary fiscal policy in 2018, with spending set to hit the highest level since 2014, in a bid to revive its sluggish economy. Despite running up consecutive multi-billion-dollar deficits since 2014, the kingdom still has relatively low...