Strategic Gears’ Annual Economic Outlook Report explores Saudi Arabia’s 2023 Outlook

Strategic Gears’ Annual Economic Outlook Report explores Saudi Arabia’s 2023 Outlook

Riyadh, KSA: Strategic Gears’ Annual Saudi Arabia Economic Outlook report examines the Kingdom’s macroeconomic performance and outlook for growth, fiscal policy, inflation, the labour market, the external sector, the overall business environment, and reform momentum.

Using data from the recently released Saudi budget for 2023 as well as others from the Saudi Ministry of Finance and the IMF, Strategic Gears' experts review the Kingdom’s performance in 2022 and outlook for 2023, as well as the progress of transformation plans as part of the government's Vision 2030 strategy and things to watch next year.

The report concludes that Saudi Arabia's growth in 2023 will be fuelled by the robust expansion of the non-oil sector and sustained oil activity. The 2023 forecast assumes continued momentum from 2022's stellar 8.5% growth and expansion in non-oil domestic economic activity in 2023, led by the private sector. This is while many economies globally face more downbeat forecasts including fears of a recession in some. The report however suggests that the risk of re-emergence of COVID variants and global economic recession fears, particularly in the Kingdom’s key trade and FDI partners, are a source of concern.

Overall, fiscal restructuring in Saudi Arabia continues to assist in streamlining operating spending