The BRICS alliance could gain control of the majority of the world's oil and gas trade by including Saudi Arabia and the United Arab Emirates, which could lead to a shift away from the USD and the de-dollarization of the oil economy.
The BRICS group is reportedly inviting Saudi Arabia and Egypt to join, with over 40 countries expressing interest and an expanded BRICS potentially accounting for 44% of the global economy by 2040.
Saudi Arabia experienced a sharp decline in its foreign reserves, with a drop of over $16 billion last month, marking the largest decrease since the negative oil prices during the pandemic as the country invested in US stocks using its savings.
Saudi Arabia, as a new member of the BRICS economic alliance, plans to invest $16 billion from its foreign reserves, signaling a shift towards prioritizing investment over reserves and potentially bolstering the bloc's ongoing initiatives.
Saudi Arabia's tourism revenue tripled in the first quarter of 2023 as the country attracted more visitors and sought to diversify its economy from oil, with a surplus of 22.8 billion Saudi riyals ($9.86 billion) in the balance of payments for the tourism sector and a record number of tourists.
Saudi Arabia plans to invest up to $25 billion in Pakistan over the next few years, focusing on sectors such as mining, agriculture, and information technology, in an effort to increase foreign direct investment and aid Pakistan's economic recovery.
Analysts predict that Saudi Arabia may face an economic contraction in 2023 due to its decision to extend crude production cuts, highlighting the nation's heavy reliance on oil, while a large dividend from Saudi Aramco may provide some cushion for public finances.
Saudi Arabia's membership in the G20 is a reflection of its growing importance in global energy exports, international trade, and financial resources, as well as its impact on the global economy and its commitment to stability and development.
Leaders from Brazil, Russia, India, China and South Africa recently announced that Saudi Arabia, along with five other nations, would be invited to join the BRICS organization, potentially causing fears of economic catastrophe in the U.S., although experts argue that this scenario is highly unlikely.
Saudi Arabia's debt market is set to be reformed in order to help businesses in the Kingdom acquire funding and compete on a global level, according to the chairman of the Capital Markets Authority. The changes will occur gradually to ensure economic stability and support the goals of the Vision 2030 initiative to grow the country's financial sector. The chairman also expressed optimism about the growth of the Saudi Stock Exchange and its record-breaking performance in 2022.
The United Arab Emirates saw a 31.8% increase in revenue in 2022, supporting an overall fiscal surplus, as the country focuses on developing its non-oil sectors such as trade, tourism, manufacturing, logistics, and financial services.
Saudi Arabia's gross domestic product (GDP) has surpassed $1 trillion for the first time, achieving its national goal ahead of schedule, with the country's private sector playing a significant role in its economic growth.
Saudi Arabia's economy is experiencing growth in non-oil sectors, driven by strong domestic demand and increased investment, but sustaining this growth will require ongoing reforms and sound macroeconomic policies.
Saudi Arabia is planning to raise funds from international debt markets to cover a projected budget deficit in 2023-2024 due to lower oil prices and extended oil production cuts, with deficits estimated at $43 billion; however, the country's strong non-oil economy is expected to support growth.
The US government's budget deficit reached $1.7 trillion in the 2023 fiscal year, exceeding the previous year's shortfall by $300 billion, prompting concerns from the International Monetary Fund about the country's fiscal situation.
The US budget deficit for fiscal year 2023 reached $1.7 trillion, a 23% increase from the previous year, posing challenges for Congress in reaching a federal spending deal before government funding runs out next month.
The US deficit for fiscal year 2023 reached $1.7 trillion, growing 23 percent in a year, and multi-trillion-dollar deficits are expected to become the new normal under Bidenomics, driven by excessive government spending and insufficient revenues.
