A prominent Saudi economist has warned against creeping inflation in the country, saying its continuation would have dire consequences on the economy in the long run.
“Inflation is one of the main issues that concerns economic, political and social organizations because of its negative impact,” said Khaled Al-Bassam of King Abdulaziz University and economic adviser at Jeddah Chamber of Commerce and Industry.
He suggested removal of certain taxes, slashing of electricity prices, subsidizing essential goods like milk and medicine and raising the riyal value against US dollar to reduce the impact of inflation on citizens and residents.
Read more: http://www.arabnews.com/rising-inflation-hit-economy-hard
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