The COVID-19 pandemic has had an evident bearing on Saudi Arabia’s economy. The amalgamation of low oil prices and lockdown measures has led to interruptions in many economic sectors, an increase in fiscal deficit and a decline in growth prospects that are expected to amend government obligations towards Vision 2030.
Oil is the leading element that has molded the modern Saudi state and transformed it into a major regional authority. The discovery of black gold in Saudi Arabia in 1938 and its merchandising after World War II, helped fuel a growing Saudi economy. The petroleum sector accounts for 90% of export income, 87% of budget revenues, and 42% of GDP.