Saudi Arabia is predicted to have the fastest-growing economy in 2022, outpacing China and India as well as other struggling Western European and North American nations.
The gross domestic product of the Kingdom is expected to grow this year at a 7.5% annual rate, which would be the strongest rate of growth since 2011.
According to the study, the main factors influencing the Kingdom’s economic growth are higher energy costs, increased oil and gas production, significant investments in the energy and non-energy sectors, and the effective implementation of a comprehensive COVID-19 immunisation campaign, as reported by the Arab news.
Additionally, it forecasted that Saudi Arabia’s real GDP growth will reach a strong 5% in 2023 before declining to a more manageable 3% growth from 2024 to 2026.
In 2022, Saudi Arabia is expected to have a current account surplus of around $163 billion, up from $44 billion in 2021.
As the Saudi Central Bank continues to tighten monetary policy in agreement with the US Federal Reserve, consumer price inflation is predicted to average around 2.5 percent in 2022 and to further drop in 2023.
Post Your Comments