Kingdom Plans Largest Budget Ever For 2018

Saudi Arabia has announced its largest budget ever, including more defense spending, reports CNBC.

Announced on Tuesday, the kingdom's projected budget is US$261 billion, up from about US$250 billion in 2017, according to Forbes. Government economists predict a 2.7 percent expansion in GDP for 2018.

Saudi Arabia is still trying to diversify its economy amid slumping oil prices. Its economy contracted by 0.5 percent in 2017, as the government cut subsidies on gasoline and...