Saudi Economic Growth Depend on 3-Engine Drive

There are there main engine drives for the Saudi economic growth, over the next year, to achieve the broad outlines of the surplus budget of the Fiscal Year 2022, Minister of Finance Mohammed Al-Jadaan elaborated.

Ministry of Finance expected the local economy to grow by 7.4 percent, in the next coming Fiscal Year 2022, the highest growth rate since 2011, following a 2.9 percent growth, in 2021.

Al-Jadaan remarks unfolded, during a presser, in the Saudi capital, on the occasion of announcing 2022 budget, where he summed up a roadmap comprising the main three prerequisite for the growth and the economy, as a whole sustainability.

1- Raising vaccination-cum-immunization against Covid-19 up to 70%, therefore avoiding any economic closure, in the future.

2- Public Investment Fund (the sovereign wealth fund) plan to pump as much as SR150 billion ($40 billion), into the market and the economy, as whole.

3- The partner program or Shareek, in Arabic, a (joint investment action plan gathering government and major private sector’s giants) as well as government (huge) spending.

The minister stated that the total that will be inject into the local economy until 2030, will amount to SR27 trillion ($7.2 trillion.)

Saudi Arabia, by announcing the surplus budget for the Fiscal Year 2022, has resumed setting forth such uptrend, since this is its first surplus budget, in almost a full decade, ago.