Saudi Arabia is the world’s leading petroleum exporter. Oil accounts for more than 90 percent of exports and nearly 75 percent of government revenues. Oil has provided Saudi Arabia with economic prosperity and a great deal of leverage in the international community.

Saudi Arabia’s economy is Petroleum-based; roughly 75% of budget revenues and 90% of export earnings come from the oil industry. The oil industry comprises about 45% of Saudi Arabia’s gross domestic product, compared with 40% from the private sector.

Saudi Arabia officially has about 260 billion barrels (4.1×1010 m³) of oil reserves, comprising about 24% of the world’s proven total petroleum reserves.

Reference - wiki -

On Tuesday June/24/2008 Reserve Bank of India (RBI) increased the repo rate to 8.75 per cent — a six-year high — from 8.25 per cent, and CRR to 8.75 per cent from 8.25 per cent.

Reserve Bank of India’s move to hike repo rate (the rate at which RBI lends to banks) and cash reserve ratio (CRR or the portion of deposits the banks have to keep with the RBI), this two-pronged move will make it difficult for the economy to maintain its expected growth momentum of 8 to 8.5%.

Banks, which have been holding their lending rates so far, will be forced to hike them in the next few days by at least 100 to 150 basis points (100 basis points is one percentage point).

The U.S. economy shed 80,000 jobs in March 2008, the U.S. Labor Department announced Friday — the unemployment rate rose to the highest level since September 2005, pointing to an economy that may already be in a recession.

The unemployment rate rose from 4.8 to 5.1 percent in March according to the Department of Labor reports.

Growth of Asia’s developing economies will slow in 2008 to the weakest level in five years, but it need to tackle inflationary pressures ,the Asian Development Bank said Wednesday in its annual economic outlook.

ADB annual economic outlook projected Indian economic growth to moderate 8 % this fiscal from 8.7 % in 2007-08 and economy will rebound to 8.5 % growth rate during 2009-10.