Friday, May 19, 2017

Is Saudi Arabia on the Brink of Bankruptcy?

Up until now, oil has allowed the payment of all kinds of bills. Citizens have got used to a high level of subsidies and allowances, and not having to pay any taxes. But since the falling of the oil prices, everything has changed for Saudi Arabia. In 2015, the deficit reached 15% of the GDP with the situation continuing in 2016 and threatening to swallow up every penny saved during the “black gold” years in a very short period of time. 70% of the Saudi population is under 30 and they will require two million jobs over the next decade. In this video, we talk about the plan that Saudi Arabia is trying to follow to escape from this scenario.