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zephyreks@lemmy.mlM to World News@lemmy.ml · 2 years ago

Saudi Arabia predicts budget deficit as it funnels money into gigaprojects

www.ft.com

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Saudi Arabia predicts budget deficit as it funnels money into gigaprojects

www.ft.com

zephyreks@lemmy.mlM to World News@lemmy.ml · 2 years ago
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Preliminary budget statement pares growth forecast for this year to 0.03%
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  • zephyreks@lemmy.mlOPM
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    2 years ago

    It’ll be interesting to see how the Arab states will diversify their economies in the next decade. There’s really not much to exploit there except oil, so unless they pump out enough money to basically rest on their investments in perpetuity I’m really not sure what to expect.

    • trailing9@lemmy.ml
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      2 years ago

      They have deserts for solar energy and cheap workers. What else do they need?

      • worldwidewave@lemmy.world
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        2 years ago

        Food and fresh water

        • trailing9@lemmy.ml
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          2 years ago

          Desalination is cheap enough for human consumption. It can be too expensive to grow food but food can be imported.

          • zephyreks@programming.dev
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            2 years ago

            I would actually love to see Saudi Arabia take the lead on food engineering. They might lack fresh water, but they have immense amounts of land and sun to play with.

            The only alternative I can see is a mass reforestation project.

            • Jim East@slrpnk.net
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              3 months ago

              Properly scaled up, this type of community reforestation effort could work.

        • dan1101@lemm.ee
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          2 years ago

          Solar powered greenhouses and desalination.

    • Cyclohexane@lemmy.ml
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      2 years ago

      I assume you mean gulf States, cause most Arab States don’t have that much oil if any. A lot of them have agricultural economy.

  • SocialMediaRefugee@lemmy.ml
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    2 years ago

    They (the royal family) have grown up pissing away massive amounts of money. Why stop now?

  • burntbutterbiscuits@sh.itjust.works
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    2 years ago

    Paywall

  • PowerCrazy@lemmy.ml
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    2 years ago

    The wisdom of these gigprojects in the middle of a desert aside, it would be awesome more governments would stop trying to run themselves into the ground for profit. Because who the fuck is benefiting if a country is taking more in taxes then they are providing their citizens in services?

    • herr@lemmy.world
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      2 years ago

      Which countries are running on a profit, exactly?

      • PowerCrazy@lemmy.ml
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        2 years ago

        Well none, but the Neo-liberal rhetoric around “balancing the budget” that infests most of the governments of the west.

      • Squizzy@lemmy.world
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        2 years ago

        Loads of countries have budget surpluses.

        • SocialMediaRefugee@lemmy.ml
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          2 years ago

          Loads? These aren’t exactly major nations here and the bigger ones are oil producers.

          https://www.worldatlas.com/articles/countries-with-the-top-budget-surplus.html

        • herr@lemmy.world
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          2 years ago

          I asked which ones. Denmark has a surplus, but that’s accidental and no one’s trying to keep it that way.

          And if you’re about to give Qatar as an example, the point is moot.

        • Cyclohexane@lemmy.ml
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          2 years ago

          This doesn’t answer the question.

    • SocialMediaRefugee@lemmy.ml
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      2 years ago

      KSA actually hands out money to citizens.

      https://en.wikipedia.org/wiki/Citizen's_Account_Program_(Saudi_Arabia)

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