Saudi Press

Saudi Arabia and the world
Sunday, Jul 06, 2025

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 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 expectations for the performance of the global economy for the current year and 2023, as its estimates were affected by the slowdown in growth in most economies in the world, but it kept its expectations for the growth of the Saudi economy during 2022 at 9.9 percent, and the high growth of the Saudi economy over the year 2023 by 6 percent.

It is noteworthy that OECD is a unique forum where the governments of 37 democracies with market-based economies collaborate to develop policy standards to promote sustainable economic growth.

According to the OECD report, the impacts of the COVID-19 pandemic are still lingering while the Ukraine war is dragging down growth and putting additional upward pressure on prices, above all for food and energy. Global GDP stagnated in the second quarter of 2022 and output declined in the G20 economies. High inflation is persisting for longer than expected. In many economies, inflation in the first half of 2022 was at its highest since the 1980s. With recent indicators taking a turn for the worse, the global economic outlook has darkened.

The OECD report follows a recent report of the International Monetary Fund (IMF) about the strong performance of the Saudi economy. The IMF report praised the strength of the Saudi economy and its solid financial position. It stressed that the Kingdom’s economic prospects are positive in the short and medium term, with the continued recovery of economic growth rates and containment of inflation, in addition to the increasing strength of its external economic position.

IMF experts stressed that Saudi Arabia’s continued implementation of structural reforms will help ensure a strong, comprehensive, and environmentally friendly recovery, noting that the Kingdom is recovering strongly in the wake of the recession caused by the pandemic. It noted that the support of liquidity, the support provided by the public finances, the momentum of reforms, the rise in oil prices, and the increase in its production helped the Kingdom achieve a fast recovery.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
×