Barclays Sees Strong Future for Saudi Economy | Sustainability

Barclays says Saudi Arabia is taking good steps to keep its economy strong. The bank now has a better view of the country's future.

Saudi Arabia plans to cut government spending by 2 percent this year. It also wants to lower its budget gap. Barclays says these steps can help build a strong and steady economy.

The bank also said oil risks are now lower. Saudi Arabia used the East West pipeline to keep oil moving. This helped keep oil supplies safe and gave more trust in the country's economy.

Barclays said Saudi Arabia is in a better place than some nearby countries. It does not depend as much on the Strait of Hormuz. It also has other ways to send oil to world markets.

The bank said countries like Kuwait, Qatar and Bahrain may face more pressure if oil routes are affected. Bahrain may need to keep working on its public spending because its debt is high.

Barclays also said Saudi Arabia should keep growing money from non oil sources. This includes taxes and fees outside the oil business. The bank believes this will help support long term sustainability and make the economy stronger in the years ahead.

Experts say careful spending and smart planning can help Saudi Arabia stay on a stable path. They believe these steps will support growth and protect the country's future.