Is Saudi Arabia's massive economic reform coming off the rails?

Riyadh, Saudi Arabia

IN his decade-long career in commercial banking, Mohammed Murfat has never seen the Saudi economy like this. "Our market is down. Almost everything is moving very slowly," says the 36-year-old bank employee. "All the customers are angry and not interested in taking any loan."

But there's good news coming, Mr Murfat allows. He expects business to bounce back from the months-long downturn any day now. The Saudi Royal Court recently reinstated salary benefits to the two-thirds of Saudi workers who saw their incomes cut in 2016. All public sector wages were trimmed as part of a sweeping "Vision 2030" to restructure the economy away from oil and gently reduce subsidies to a coddled population.