Saudi Arabia reforms its economy amid oil price slump - German-American Business - Nepal Recovery one year after the earthquake
DW Business (04/26/2016)
Saudi Arabia and the United Arab Emirates, once seen as the Gulf's leading tax havens, have imposed a 5 percent value-added tax on goods and services. Riyadh has also sought to balance its budget by upping fuel prices.
The drop in global oil prices has forced Saudi Arabia to implement unprecedented economic reforms. Oil income makes up more than 90 percent of Saudi state revenue, accounting for 55 percent of the country's GDP.
During her trip to Saudi Arabia and the United Arab Emirates, the German chancellor is to have talks about larger economic cooperation. Her hosts have seen their domestic economies suffer from dropping oil prices.
© 2018 Deutsche Welle |
Legal notice |