Vision 2030 Unleashed: Saudi Arabia’s historic economic renaissance

Vision 2030 Unleashed: Saudi Arabia’s historic economic renaissance

From a sleepy village to one of the fastest-growing economies in the world in less than ten years is unquestionably a remarkable period in the history of any nation. And for Saudi Arabia to have achieved that is even more incredible. According to the International Monetary Fund (IMF), Saudi Arabia has made significant progress in the last decade, particularly in terms of economic growth and pro-business reforms. In 2022, Saudi Arabia was the fastest-growing economy in the G20, with overall growth reaching 8.7%, driven by strong oil production and a 4.8% non-oil GDP growth. The country has also seen major progress in gender equality in the past two years. Additionally, foreign direct investment hit a decade-high in 2021, reaching $19.3 billion. But a flashback to some years ago would have brought you to a country that hotly debated whether women should be driving or not. This was a country where cinema houses were strictly forbidden and rules were enforced religiously by the feared Commission for the Promotion of Good and the Prevention of Evil or the Hai’a as they were commonly known. If a couple were spotted out and about, they were soon accosted by members of the Hai’a who