Meanwhile, Saudi Arabia has stopped short of directly accusing Iran of mounting the airstrikes, partly because Saudi officials are concerned that escalating military responses would debilitate the kingdom’s economy further, advisers familiar with the government’s thinking said. Saudi consumers, who benefit from government jobs and other perks fueled by the wealth from oil sales, were also struggling to absorb the introduction of sales taxes and the reduction of subsidies on electricity, water and fuel, sending spending into deflation, economists said. “Business is suffering,” Umm Maram, a saleswoman at a womenswear shop in Jeddah’s Souq al-Shatee, said last week after the attacks. “Cost of living has gone up and people are not spending like they used to.” Oil Dependency Despite a push to grow its nonoil economy Saudi Arabia remains dependent on oil sales from Aramco. Created with Highcharts 6.0.4Saudi Arabia’s GDP, change from previousyearSaudi Arabia’s GDP, change from previous […]