Saudi Arabia’s economy grows at fastest pace in a decade
- Date: 14-Jul-2022
- Source: Salaam Gateway
- Sector:Financial Services
- Country:Saudi Arabia
Saudi Arabia’s economy grows at fastest pace in a decade
Saudi Arabia’s economy has been on a rollercoaster ride since the global outbreak of the COVID-19 pandemic. In March 2020, oil prices plummeted to $18 a barrel on the back of an oil price war, while global demand slumped as the pandemic spread.
The kingdom’s crude export revenues dropped by 65% compared to April 2019. Oil prices stayed low throughout 2020 and much of 2021, well below the $77.6 a barrel the kingdom needed to balance its budget, known as the breakeven price.