Saudi Arabia is surging ahead of the US and Europe’s growth forecasts for the rest of 2022.

Saudi Arabia is surging ahead of the US and Europe’s growth forecasts for the rest of 2022.

I'm Phil Rosen, writing to you from Manhattan. For months, friends of mine outside the city have bemoaned sticker shock at gas stations ($5 pump prices make me appreciate the subway a whole lot more). Yet, for all their gas dollars lost to suburban American life, little of that has gone toward the country's economic growth. Today, I'm breaking down how stratospheric oil prices have planted Saudi Arabia squarely ahead of the US in a key economic metric for 2022. One last lap before the weekend, team! High oil prices will likely help the Kingdom to finish 2022 as , according to the International Monetary Fund. In a new report, the IMF forecasted Saudi Arabia's GDP to , just two years after it shrank by 3.4% during the pandemic. "Saudi Arabia is likely to be one of the world's fastest-growing economies this year as sweeping pro-business reforms and a from a pandemic-induced recession," the IMF said Wednesday. to suggest the US can get anywhere near that level of for the year. Recession talk abounds and the Fed continues to struggle against inflation. The IMF predicts through 2022 and drag into next year. Wednesday's forecast for the year — less than