Saudi economy fastest growing globally, posting 7.6%

Saudi economy fastest growing globally, posting 7.6%

RIYADH — Saudi Arabia’s economy is the fastest growing in the world by posting 7.6 percent during the current year 2022, according to the International Monetary Fund (IMF).

The IMF’s estimates were revealed by the Saudi Ministry of Investment (MISA) during its release of the Saudi Economy and Investment Monitor report on Sunday regarding the latest economic and investment developments in Saudi Arabia for the second quarter of 2022.

The ministry’s statement said that the IMF’s estimates indicated that the economic, structural and legislative reforms in the Kingdom led to the strength of the Saudi economy, in addition to contributing to the continuation of sustainable growth and competitiveness to attract investments to the Kingdom.

It is noteworthy that Saudi Arabia has implemented more than 600 reforms, which helped and contributed to improving the investment environment, in addition to developing several systems and procedures with its partners from government agencies.

The Saudi Economy and Investment Monitor report revealed that the National Investment Strategy (NIS) has exceeded its investment targets for the year 2021, achieving 112 percent of the total investment targets.

The investment targets of the NIS reached SR738 billion, or 23.6 percent of gross domestic product (GDP) in 2021, compared to a target of SR656