Saudi economy is the fastest growing among G-20 in 2022: report

Riyadh, Saudi Arabia –  Saudi Arabia’s gross domestic product will reach 9.9 percent this year, the highest growth rate among the G20 countries, the Organization for Economic Co-operation and Development (OECD) revealed in its annual report. 

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.

Also, the report expects the Saudi economy to grow by 6 percent in 2023.

The announcement comes after the International Monetary Fund (IMF) affirmed that the Kingdom’s economic prospects are positive in the short and medium term, with the continued recovery of economic growth rates and the containment of inflation. 

The IMF’s experts stressed that the Kingdom’s continued implementation of structural reforms will help ensure a strong, comprehensive, and environmentally friendly recovery. 

They added that the liquidity support, the  robust public finances, the momentum of reforms, the rise in oil prices and the increase in its production have helped the Kingdom recover.