Economic reports revealed the decline in the average per capita income in the Kingdom of Saudi Arabia, which reached the lowest level over the past three years for many reasons including the decline in oil prices, the spread of the Coronavirus pandemic, and the negative policies of the Saudi Crown Prince, Mohamed bin Salman, on all sectors of the state.
Jadwa Investment Company, a Saudi joint-stock company established in 2007 by a group of prominent Saudi businessmen, which provides integrated investment and financial services and advice, said in a statement that the average per capita income in the Kingdom of Saudi Arabia decreased by 8.2% compared to the previous year.
The report also revealed that the Saudi domestic product will shrink by 3.6% during the year 2020, and expected that the GDP will rise next year if the Saudi government is able to introduce amendments to the Kingdom's policies to encourage investment, while expecting the price of oil barrels to stabilize at a fixed price level in 2021 and 2022, with $55 per barrel.
The report also expected that oil production would rise in 2012 to reach 9.6 million barrels per day instead of 9.2 million barrels per day during the past year.
As for the budget of the Kingdom of Saudi Arabia, the report expected a budget deficit of 171 billion riyals ($45.6 billion) in 2021.
It also indicated annual inflation, which increased in 2020 by 3%, to continue at a slightly lower rate this year, and attributed it to doubling the value-added tax during the Corona pandemic to 15% instead of 5%, which the Saudi government decided within procedures to activate government revenues; however, it was taken from the pockets of citizens.
Several reports also revealed that the Saudi citizen is suffering from the negative effects of the policies of Saudi Crown Prince Mohamed bin Salman, in light of the high prices of services and goods, the rise in taxes for citizens, the increase in government services prices, and the deliberate punishment of those who are late in paying their water and electricity bills by cutting off the service, in addition to the decline in investment opportunities, leading to a decline in job opportunities and an increase in the unemployment rate.
