Saudi Arabia’s gross domestic product (GDP) will reach 9.9% this year, the highest growth rate among the G20 countries, which include the G-20 economy, emerging market economies and developing economies.
The Organisation for Economic Co-operation and Development (OECD) said in its annual report "OECD Global Economic Prospects 2022", despite the main challenges facing the global economy, Saudi GDP will grow 9.9% in 2022 and increase by 6% in 2023, a Saudi Press Agency report said.
This is despite the persistence of inflation for a longer period than expected and the slowdown in GDP growth in 2022 and 2023. The estimates of the OECD report for the kingdom contradict the bleak and ambiguous outlook that stems from several main factors, namely the Russian-Ukrainian crisis, the rise in energy and food prices, the exacerbation of inflationary pressures, the tightening of monetary policies and general closure measures as a result of the new outbreaks of (Covid-19).
This announcement comes after the International Monetary Fund (IMF) praised the strength of the kingdom's economy and its financial position, affirming that the kingdom's economic prospects are positive in the short and medium terms, with the continued recovery of economic growth rates and the containment of inflation, in addition to the increasing strength of its external economic position.
The IMF's experts stressed that the kingdom’s continued implementation of structural reforms will help ensure a strong, comprehensive, and environment-friendly recovery, noting that the kingdom is recovering strongly in the wake of the recession caused by the pandemic. They added that the liquidity support, the support provided by the public finances, the momentum of reforms, the rise in oil prices and the increase in its production helped the kingdom recover.
