Economy achieves highest growth rate in the G20 zone, reports IHS Markit

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Saudi Arabia
  • Date: 18-Jan-2022
  • Source: Saudi Gazette
  • Sector: Economy
  • Country: Saudi Arabia
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Economy achieves highest growth rate in the G20 zone, reports IHS Markit

RIYADH — The IHS Markit index has expected the Saudi economy to record the highest growth levels among the G20 countries at 11.1% during the last quarter of 2021, a wide gap of about 4.5% from its nearest competitor: Italy. The achievement reflects the efficiency of the economic reforms taken by the Kingdom since the launch of its Vision 2030. These positive figures come in light of the unlimited support and direct supervision Crown Prince Muhammad Bin Salman, deputy prime minister, who is also chairman of the Council of Economic Affairs and Development (CEDA), extends to the Vision 2030 programs, demonstrating the strength and efficiency of the economic reforms undertaken by the Kingdom since 2016. This had a great impact on overcoming the consequences of the COVID-19 pandemic with minimal damage despite sharp declines of oil prices, as the levels of growth of the Saudi economy come at a time when many countries, including major economies, are still struggling to overcome the repercussions imposed by the pandemic, which are no less than the effects of World War II. The Saudi GDP growth rate reached 7% in the third quarter of 2021, the highest annual growth rate since 2012, reflecting the

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