Saudi Arabia Consumer & Retail Q2 2020
While real private final consumption is forecast to outperform headline growth in 2020 at 2.5%, consumption levels areslowing down in comparison to 2019. This comes on the back of persistent weakness in the oil market, with our Oil & Gas teamprojecting a drop in oil prices in 2020, averaging USD62/bbl, down from USD64/bbl in 2019. As a result, the Saudi government willsee its revenues moderate and will increasingly adopt fiscal consolidation throughout 2020 and the remainder of our forecastperiod to 2024, putting downward pressure on consumer sentiment.
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