Reforms, women participation makes Saudi Arabia fastest growing country in G20 

Reforms, women participation makes Saudi Arabia fastest growing country in G20 

Saudi Gazette report RIYADH — The world credit rating agency S&P Global Rating has raised Saudi Arabia's long- and short-term credit rating in local and foreign currency to A/A-1, with a stable outlook. In a report, S&P states that this rating resulted within the Kingdom's efforts in achieving remarkable reforms that it had made during the previous year, achieving structural improvements, in addition to its contribution in supporting the sustainable growth of the non-oil sector. The agency, moreover, lauded its efforts to manage public finances and maintain a balanced level of public debt. It has stated that the powerful growth of the GDP by 8.7% in 2022 is the highest growth rate among the G20 countries. The agency expects that the economic growth to be stable during the upcoming years 2023-2026, by 2.6%, with an average GDP per capita of $31,500, which represents higher levels than before COVID-19 pandemic. S&P expected that the non-oil sector will remain powerful until 2026, and this is due to the growth of the services sector supported by the ongoing social reforms, as well as to women participation in the economy. The continued growth will be witness alongside the continuation of the financial surplus until