Saudi Arabia could book a budget deficit of as much as $61 billion this year under the double blow of the coronavirus pandemic and the global oil glut, research from financial firm Jadwa Investments has suggested. This would represent almost 8 percent of the Kingdom’s GDP, Arabian Business reported, adding that the budget revenue for the year will be a bit lower than what the government projected in its budget draft, at $210 billion (791 billion riyals). Spending, on the other hand, will come in at $270 billion (1.02 trillion riyals). “Overall, it is worth noting that, at this moment in time, the range of potential effects of Covid-19 on the kingdom’s economy are highly uncertain,” the Saudi firm said as quoted by Arabian Business. Some 511 cases of Covid-19 have been diagnosed so far in the Kingdom. According to Jadwa, as negative as the pandemic is for oil […]