The value of incentive packages approved by the Saudi government to the Saudi economy exceeded 226 billion riyals ($60.3 billion), to face the repercussions of the emerging Coronavirus. Government stimulus packages for individuals, firms and investors are equivalent to about 8.6% of the Kingdom's GDP of 2.64 trillion riyals (about $704 billion).
The stimulus packages exceed this percentage in light of the announcement of several initiatives without estimating their financial value, for example, the support of individuals working directly who are not under the umbrella of any company and registered with the General Authority of Transport in passenger transport activities and were stopped due to the preventive measures of the Coronavirus, through paying an amount of the minimum salary for them.
The stimulus to Saudi GDP is considered among the highest rates compared to the largest economies in the world, with only three countries preceding it, Germany, Japan and the United States at 20.9%, 18.8% and 10.3%, respectively.
Saudi Arabia exceeds the rates for China, India, the United Kingdom, France, Italy, Brazil, Canada, South Korea, Spain, Australia, the Eurozone, and Indonesia.
Spain came after Saudi Arabia in the ratio of stimulus packages to GDP at 7.8%, Australia (5.8%) and South Korea (4.9%).
Canada scored 4.5% of the output, France (4%), the United Kingdom (3%), Brazil (1.5%), China (1.3%), India (0.8%), Indonesia (0.7%), and Italy (0.4%). The Saudi stimulus also exceeds that of the euro area, which has a rate of 3.2%.
Source (Al-Arabiya.net website, Edited)
