Reuters poll: Saudi economy to grow 7.6% in 2022, the fastest in more than 10 years

A Reuters poll of economists concluded that the Saudi economy will grow at the fastest pace in more than a decade at 7.6% in 2022 compared to the last poll, which was conducted in April, had expected the economy to grow 6.3%.

The poll expected the economy to grow by 3.3% next year.

Moody’s, the credit rating agency, had expected the Kingdom’s economy to grow at an average rate of about 3.9% during the years 2022 to 2026.

Moody’s clarified the factors leading to this growth, including the continuation of financial control despite the rise in oil prices, the slowdown in the growth of increasing oil production, and the continuation of economic diversification projects, in addition to their effective access to the implementation and construction stages in the coming years.

It is noteworthy that Moody’s updated its credit report for Saudi Arabia during June 2022 at “A1” with a stable outlook due to the government’s continued control of public financial conditions, implementation of structural reforms, as well as its clear efforts towards long-term financial sustainability.