The recently published “International Development Financing” report by the World Bank predicts the Kingdom of Saudi Arabia to record a $6-7 billion budget deficit by the end of the current year compared with a $6-7 billion budget surplus in the previous year, reported Al-Hayat . Sharply declining oil prices, and the resulting drop in oil revenues, is the main cause for this deficit.
The report also shows that the average GDP growth rate of major Arab oil exporter countries, including Iran, declined to 3.1 percent in 2001, down from 4.2 percent in 2000. The report added that declining oil prices is the major cause for the GDP growth withdrawal in Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Iran, Oman, Qatar, Bahrain and Yemen. — (menareport.com)
© 2002 Mena Report (www.menareport.com )