The news that Saudi Arabia will deepen fiscal austerity suggests that, despite oil prices falling to their lowest levels since the early 2000s, the authorities have no immediate plans to reverse course on oil policy. Meanwhile, the coronavirus outbreak has triggered increasingly draconian containment measures across the region over the past week and these will result in a sharp economic downturn.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.