Talk of recession was everywhere at Saudi Arabia’s flagship Future Investment Initiative (FII) conference in Riyadh over 25-27 October. “Everybody’s talking about recession. And it’s not just about recession. It’s about how severe the recession might be,” Saudi Energy Minister Prince Abdulaziz Bin Salman told delegates.

Speaking at the same event, Saudi Arabia’s Minister of Finance Muhammad al-Jadaan warned that the global economy is facing a very difficult six months. Former US treasury secretary Steve Mnuchin was slightly more optimistic, stating that he believes that having previously underestimated the economic risks, the world is now overestimating them. Even then, over the next six-to-twelve months, “things will get worse before they get better,” he says. (CONTINUED - 1063 WORDS)