Strong growth forecast for Saudi economy

Strong growth forecast for Saudi economy

RIYADH: Economists forecast that the Saudi economy will grow significantly bigger over the coming decade with the size of every sector expected to increase. The Kingdom's finance, insurance, real estate and business sectors are likely to expand by 9 percent annually and their relative share to overall economic activity will grow by 12. 7 percent. A paper titled "Economic Diversification Under Saudi Vision 2030: Sectoral Changes Aiming at Sustainable Growth," published by the King Abdullah Petroleum Studies and Research Center (KAPSARC), discussed the macroeconomic and structural transformation of the Saudi economy under the Vision 2030 program. KASPARC's researchers in the energy and macroeconomic programs, David Havrlant and Abdulelah Daradary, explained that economic diversification would make the Kingdom's economy more resilient to external demand shocks, help to create higher-skilled jobs, and establish a knowledge-based economy. Havrlant said that the research findings showed that the relative share of the Kingdom's wholesale and retail trade, restaurants and hotel sectors to the gross domestic product (GDP) was expected to reach 16 percent by 2030, followed by transport, storage and communication. ● The Kingdom's finance, insurance, real estate and business sectors are likely to expand by 9 percent annually. ● The relative share of the