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Moody’s: Saudi Arabia prepares to surge public expenses in 2023 by 9 percent
(MENAFN) Saudi Arabia is on path to grow public expenses this year by an overall of 9 percent this year as additional nations in the Gulf Corporation Council area squeeze their belts, as said by Badis Shubailat, an expert at American credit company Moody’s.
His remarks came as the firm issued a report underlining that the GCC banks are prepared to protect a powerful economic performance this year after carried on financial expansion in addition to average domestic inflation and greater rates; hence, driving a steady outlook.
“Strong business and consumer confidence in the GCC will keep loan demand high, despite rising interest rates. For 2023, we expect credit growth in high-single digits across the region. All Gulf countries bar Saudi Arabia are keeping public spending tightly controlled,” according to Shubailat.
The report additionally outlines Saudi Arabia’s Vision 2030 financial diversification strategy, which contains an excess of real-estate and infrastructure megaprojects like NEOM, as well as the Red Sea Project.
His remarks came as the firm issued a report underlining that the GCC banks are prepared to protect a powerful economic performance this year after carried on financial expansion in addition to average domestic inflation and greater rates; hence, driving a steady outlook.
“Strong business and consumer confidence in the GCC will keep loan demand high, despite rising interest rates. For 2023, we expect credit growth in high-single digits across the region. All Gulf countries bar Saudi Arabia are keeping public spending tightly controlled,” according to Shubailat.
The report additionally outlines Saudi Arabia’s Vision 2030 financial diversification strategy, which contains an excess of real-estate and infrastructure megaprojects like NEOM, as well as the Red Sea Project.
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