Financial measures taken by the government of the Kingdom of Saudi Arabia have turned the equations into the credit as economic reports issued by the newly established institutions, in the field of global competitiveness, during the current year indicated a "big leap" that has not been witnessed, for years. It is noteworthy that some international credit expectations exceeded positively what the Ministry of Finance expected, at the end of last September, in its preliminary statement anticipating the 2019 budget. In the language of figures and ratios, Moody's put it, in its latest reports, the Saudi GDP growth forecasts for the Years 2018 and 2019 at 2.5% and 2.7%, respectively, instead of its previous forecast of 1.3% and 1.5% for the same period recorded in April. Moody's also predicted that the fiscal deficit will fall to about 3.5% of GDP this year compared to its levels in 2017, praising the financial management of Saudi Arabia, stressing that the volume of expenditures this year, are in line with what was planned in the government budget, reflecting government's efforts to adjust expenditure levels throughout the year, proper planning and oversight. Standard & Poor's has granted the Kingdom a stable rating for 2018, based on expectations that moderate economic growth that will continue until the end of the year 2021, supported by increased government investment. In its latest report it explained that Saudi Arabia will continue to take steps to consolidate public finances over the next two years, while maintaining government external assets, as well as economic growth and keeping Saudi oil production within current levels. The Kingdom's positive international rankings coincide with the Middle East's economic stability ranking, moving in the Global Competitiveness Report 2018, to 39 out of 140 countries surveyed. This progress marks the Kingdom's best improvement since 2012 with 100% full confidence in the stability of the economy and its ability to withstand external challenges and enhance sustainable growth opportunities.
