The Governor of the Public Investment Fund Yasir Al-Rumayyan stated that Saudi Arabia achieved a growth rate of 7.8% during 2022, the highest among the G20 nations.
Outperforming Global Giants
The Kingdom didn’t just lead the G20 but was on track to become the fastest-growing economy worldwide in 2022, surpassing economic behemoths like China and India.
Economic Resilience Amid Global Challenges
Despite the turbulent global economic landscape, Saudi Arabia’s economy demonstrated resilience and exceeded international expectations, showcasing a remarkable growth amidst challenging economic conditions globally.
Recognition on International Platforms
The OECD Horizons annual report commended Saudi Arabia’s economic performance, underscoring its leading position among the G20 countries in 2022, and highlighted the nation’s ability to surpass international growth expectations.
Strong Economic Foundations
The pronounced growth was not just a fleeting success but a testament to Saudi Arabia’s robust economic transitions, solidifying its burgeoning ties with international entities like the European Union.
Driving Forces Behind the Economic Surge
The surge in Saudi Arabia’s economy was spurred by a combination of high oil prices and a thriving non-oil sector, marking a significant recovery from the Covid-19 pandemic’s economic fallout. The country’s GDP expanded impressively by 9.9% year-on-year in the first quarter of 2022, indicating a strong bounce back from the global downturn that accompanied the pandemic.
Saudi Arabia Vision 2030: Fueling Economic Growth
Saudi Arabia’s Vision 2030 played a crucial role in stimulating the economy. High oil prices and production, alongside the reform momentum under Vision 2030, facilitated a robust economic recovery, garnering a notable growth and contained inflation.
Diversification: The Road to Economic Stability
Efforts to diversify the economy from oil-centric to include more non-oil sectors have been in full swing. The income generated from Aramco continues to fund Vision 2030 reforms, aiming to triple the share of non-oil-based GDP. The National Development Fund is pivotal in stimulating the private sector, promoting industrial growth and attracting investments.