(MENAFN) Saudi Arabia's economic power is significantly high, supported by a track record of solid growth, plus its officials keep stressing on how good management is crucial for boosting the economy's status even more.
However, the kingdom's latest rating downgrading valuation from S&P has focused more on the oil price drop and its effect on the fiscal account over the next few years while less attention has been paid to other economic details.
Meanwhile, Saudi authorities have every reason to criticize S&P's assessment as the downgrade is quite frankly based on forecasts and assumptions based on the oil price decline, which hardly determines the nation's economic position.
Moreover, Kingdom is pushing ahead with its strategy to spread sources of revenue and which manifested itself in the large rises in the level of government spending on infrastructure projects while preserving the levels of public debt.
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