Among G-20, Saudi economy highest growing for 2022, 2023 -OECD report

Among G-20, Saudi economy highest growing for 2022, 2023 -OECD report

Saudi Gazette report RIYADH — Saudi Arabia’s economy is expected to register the highest growth rate among the G-20 states for the current year 2022 and the coming year 2023, according to a report of the Organization for Economic Cooperation and Development (OECD). In its report titled “OECD Economic Outlook Interim Report September 2022,” the organization stated that the real GDP growth projections of the Saudi economy are expected to reach 9.9 percent this year, and six percent in 2023, thus recording the highest growth rate among the G20 countries, which include the G-20 economy, emerging market economies and developing economies. Despite the main challenges facing the global economy, in light of the persistence of inflation for a longer period than expected, and the slowdown in GDP growth in 2022 and 2023, the estimates of the OECD report for the Kingdom contradict the bleak and ambiguous outlook that stems from several major factors. Most notable among these factors are the Russian-Ukrainian crisis; the rise in energy and food prices; the exacerbation of inflationary pressures; the tightening of monetary policies and general closure measures as a result of the new outbreaks of COVID-19. As a result, the OECD report lowered its