Higher spending to diversify economy supports longer-term non-oil growth, but has risks (Saudi Arabia)

On 30 September, Saudi Arabia’s (A1 positive) Ministry of Finance announced its prebudget statement for 2024, which indicates that government expenditures this year will likely be higher than originally budgeted and will remain high over the next few years.
The government now expects modest fiscal deficits in 2023 through 2026.