Saudi Economy Achieving the highest Growth Rate

#Saudi_highest_growth_in_G20

http://spa.gov.sa/2321733

In plain and striking figures reflecting the efficiency of the economic reforms, taken by the Kingdom since the launch of the Vision 2030, the IHS Markit index expected that the Saudi economy would post, during the last quarter of 2021, the highest levels of growth among the G-20 countries, at 11.1%, a big difference from its closest competitor, Italy, by about 4.5% spread..

These positive indicators come; in light of the unlimited and great support and direct supervision that the Vision 2030 programs enjoy from HRH Crown Prince, in his capacity as the Chairman of the Council of Economic Affairs and Development.

These indicators demonstrate the strength and efficiency of the economic reforms undertaken by the Kingdom since 2016; which had a great impact on overcoming the consequences of the Covid-19 pandemic, reducing it to a minimal damage, despite the sharp declines in oil prices, as the rates of growth of the Saudi economy come, at a time when many countries of the world, including major economies, are still struggling to overcome the repercussions imposed by the pandemic, which are not lesser in effects than those of World War II.

The GDP growth rate of the Saudi economy reached 7% during Q3 of 2021, which is the highest annual growth rate recorded, since 2012, reflecting the Kingdom’s economic capabilities, in a rapid recovery from the effects of the pandemic and the return of economic activities, benefiting from the exceptional efforts that have been made.

The government of the Kingdom of Saudi Arabia, in addressing the challenges of the pandemic and the stimulus it provided the national economy with.

At a time when the Covid-19 pandemic has caused many economic set-backs that affected several vital sectors, particularly the employment sector; the results achieved by the Saudi economy came in contrast to that wave, as the pace of Saudi employment, in the private sector rose to its highest quarterly level ever, according to administrative records, reaching 90,000 during the Q4 of the last Year 2021.

The toll of Saudi workers in the private sector exceeded 1.9 million for the 1^st time, ever, in December 2021, which reflects the effectiveness of the Kingdom’s government policies, in creating jobs for Saudis, in the private sector, remarkably, while recording higher rates of women’s participation, in the labor market continued, as it has surpassed the 2030 target.

It reached 34.1% in the third quarter of 2021, which was achieved thanks to the progress of social and economic reforms, in the Kingdom.

As a culmination of the Kingdom’s efforts to diversify the economy and reduce dependence on oil, the value of Saudi non-oil exports amounted to SR195 billion, by the end of the third quarter of 2021, an increase of 33% compared to last year, at a time when the Kingdom was among the best performing global economies, during the pandemic period, where levels of GDPs were declining, across the world, however it was limited, in the Kingdom, which ranks 6th among the G20 countries.

On the other hand, its non-oil activities are considered as a decisive determinant of the economic performance, in the Kingdom.

The path of prosperity, in the Saudi economy will continue, represented by a return to recording budget surplus for the first time, in years, since 2014, in addition to expanding the implementation of ambitious transformation plans and programs set for 2022, observers and economic analysts expect.

In addition, in the coming years, the path of prosperity and economic diversification will be consolidated, through several arms.

Henceforth, the outlook is that the Saudi economy will experience further pumping of more than SR12 trillion, into its receptables, all through to the Year 2030.