Standard Chartered have today said that they foresee an economic boom for Saudi Arabia in 2011.
"We expect growth in Saudi Arabia to reach 6.6% in 2011 on the back of higher hydrocarbon prices and more government spending. Saudi Arabia has enough spare capacity to compensate for oil production shortfalls elsewhere, and higher oil production will boost the economy," says a note from Standard Chartered analyst Shady Shaher.
At the same time, higher oil prices make it easier for Saudi Arabian authorities to increase government spending more or less at will.
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