Encouraging Expectations for Saudi GDP Growth

Encouraging Expectations for Saudi GDP Growth

The Organization for Economic Cooperation and Development (OECD) estimated that Saudi Arabia’s GDP would record encouraging growth rates for 2021 and 2022.

In a report, the OECD predicted the Saudi national economy will rise by 2.3% during 2021 with estimates doubling in 2022 to 4.8%.

The September report expected that GDP growth of the Saudi economy would record a significant jump, ranking it on the list of the highest growth rates in the world.

According to the report, Saudi Arabia’s projected GDP growth rate follows that of India (9.9%) Spain (6.6%), China (5.8 %), the United Kingdom (5.2 %) and Indonesia (4.9 %).

The report said that the global economic recovery remains strong, backed by government and central bank support and by progress in vaccination rolling out.

More so, the OECD has slightly revised its expectation for the global economic growth to 5.7 % in 2021, down from 5.8% projected in May, according to its updated report on the global economic outlook.

Yet, OECD has revised its projections for the global GDP to 4.5% in 2022, up from 4.4 % predicted in May, according to the report.

In other news, Saudi non-oil exports increased by 17.9 percent year-on-year in July 2021, rising to SR20.8 billion from SR17.6