Unlike many of its G-20 peers, Saudi Arabia had a prosperous year in 2011, and in 2012 its fiscal policy remains expansionary, with macroeconomic indicators showing strong growth and hinting at even better times ahead. While the political climate of much of the rest of the Middle East and north Africa is far from healthy – with serious concerns about the situations in Syria and Iran in particular – the overall economic picture in Saudi Arabia is remarkably robust, with gross domestic product (GDP) growth in excess of 6% and private sector growth rising above 8%.
Saudi Arabia managed to weather the 2008 global financial crisis relatively well, and with both the price and production levels of oil increasing, the outlook for the country is positive and confidence is high and building.
