5% value-added tax brought private-sector growth to a halt. Consumer spending was also restrained after a sharp increase in prices for energy, electricity and water earlier in 2018. The kingdom witnessed a mass departure of around 750,000 foreign workers after imposing new government levies on ex-pat workers. The government is also forcing small-business owners to hire Saudi nationals at comparatively higher wages than foreign workers. Gaining money from large foreign direct investments is also not working in favour of the government. Rich Saudis are reluctant to invest within the kingdom due to the fear of triggering government scrutiny. On 11 May 2020, the government announced that it would threefold the kingdom's VAT on goods and services, raising it from a current 5% to 15%. It also stated that the increase in VAT introduced due to the country's current financial crisis due to plummeting oil prices and impact of coronavirus, will also be followed by cut in monthly allowance for state workers worth approximately $266, and financial benefits for contractors. Aramco decreased the production of its Arab Light grade of crude oil by a significant amount to be shipped to Asia. The firm also cut down oil pricing for its US buyers following wavering demand for fuel due to the global relapse of the coronavirus pandemic. According to the General Authority for Statistics (GASTAT), Saudi Arabia's inflation accelerated to 6.2% in August 2020, as compared to the same month last year. In the said report the annual inflation rate increased from only 0.5% (in June) to 6.1% (in July), before the increase of VAT to 15% from 5% was introduced, effective from 1 July 2020. Investment Saudi Arabia has two stock exchanges, the Tadawul and The Saudi Parallel Market (Nomu) whose financial markets are regulated by the Capital Market Authority. The stock market capitalisation of listed companies in Saudi Arabia is valued at $2.22 Trillion. According to the International Institute for Management Development (IMD), Business competitiveness in Saudi Arabia has witnessed an improvement better than any other country in the world as the Kingdom has jumped to 26th in the world with respect Business competitiveness. Doing business Saudi Arabia is among the countries with the most notable improvement in doing business according to the World Bank Group's Doing Business 2020 report. The country jumped 30 places to rank 62nd in ease of doing business compared to the last year. According to