Saudi Arabia, the world's largest oil exporter, is facing a 3.3% decline in GDP this year. This forecast was published in the latest World Economic Outlook report by the International Monetary Fund and is attributed to the deadly Houthi attacks on the country's territory, which have put pressure on the economic situation.
Consequences of the War in the Middle East
Since the onset of the war in the Middle East in February, Saudi Arabia has faced serious challenges. This war, which began with U.S. and Israeli attacks on Iran, has created problems in the Strait of Hormuz. The Strait of Hormuz is a vital route for oil and gas transportation, and any disruption in this area can have widespread impacts on the global economy. Given the current conditions, the International Monetary Fund has predicted that the region's economy will decline by 0.3% this year.
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Houthi Attacks and Their Impact on Economic Security
The Houthi attacks on Saudi Arabia's oil facilities and export routes have significantly complicated the situation. In the latest attack, 13 people lost their lives in Houthi assaults on Riyadh International Airport. These attacks have led to the suspension of airport operations, and the Saudi government has issued warnings regarding aerial threats.
Mohammed al-Bukhaiti, a member of the Houthi political office, stated that the aim of these attacks is to send a message to the Crown Prince of Saudi Arabia that he can no longer attack Yemen without consequences. Meanwhile, the Arab coalition led by Saudi Arabia has been providing military support to the Yemeni government since 2015, and this war has led to a deep humanitarian crisis in Yemen.
While Saudi Arabia is trying to avoid the Strait of Hormuz through its East-to-West oil pipeline, recent attacks on this infrastructure highlight the serious security challenges the country faces. This pipeline allows Saudi Arabia to send oil to the Red Sea coast and stay away from the Strait of Hormuz, but last September, this pipeline was temporarily shut down due to attacks by Iran-linked groups in Iraq.
According to the International Monetary Fund, Saudi Arabia has been less affected compared to other exporters in the region and has managed to distance itself from these crises to some extent due to the diversity of its export routes. However, the continuation of the current situation could have serious consequences for the country's economy and regional stability.
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