Economic analysts expect that the rate of inflation in the Kingdom
will remain at zero without change until the end of this fiscal year,
thanks to the government’s new policies to strengthen the economy.
Speaking to Arab
News, the analysts said the Kingdom was successful in controlling
inflation for the past several years despite a fall in the cost of
living by 0.9 percent last year.
An economic report
issued by Saudi British Bank said all indicators showed that the
Kingdom’s private sector would register a significant growth this
year compared to last year.
Saudi Arabia has
the resources to restructure and diversify its economy by reducing
dependence on oil, said the report prepared by the bank’s economic
adviser. The report discusses methods to finance new projects and
indicates the need for new finances.
At present most
projects in the Kingdom are financed by commercial banks and lending
organizations like the Industrial Development Fund and the Real Estate
Ministry will organize an international seminar in Riyadh in
association with the World Bank on the future of Saudi economy on Oct.
20-24. The seminar, to be held at the King Faisal Conference Hall in
Riyadh, will set out an economic plan for the next 20 years.
event will be attended by top officials from various government
agencies as well as Saudi businessmen and international economic
experts. A number of research papers on various topics related to the
Saudi economy will be debated. The seminar will also review modern
economic trends at local, regional and international levels in the
light of the latest data available.