Saudi Press

Saudi Arabia and the world
Sunday, Jun 22, 2025

Global economy heading toward recession but Saudi Arabia forecast to grow: CEBR report 

Global economy heading toward recession but Saudi Arabia forecast to grow: CEBR report 

The world is heading towards a recession in 2023 as higher borrowing costs aimed at tackling inflation are set to push a number of economics into contraction, according to the Centre for Economics and Business Research. 
While the global economy surpassed $100 trillion for the first time in 2022, the British consultancy firm noted that the growth is going to stall in 2023, as the world continues its fight against soaring prices.

“It’s likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation,” Kay Daniel Neufeld, director and head of forecasting at CEBR, said. 

The report added that “the battle against inflation is not won yet” as central banks across the world will have to continue to “stick to their guns in 2023 despite the economic costs.”

“The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come,” it added. 

CEBR’s findings are more pessimistic than the latest forecast from the International Monetary Fundm which warned in October that there is a 25 percent chance of global GDP growing by less than 2 percent in 2023. IMF defines this as a global recession. 

Despite the gloomy global outlook, Saudi Arabia’s economy is expected to grow strongly in 2022, with its output set to be 4.8 percent higher than in 2021, as the recovery from the pandemic continues, CEBR noted. 

The British firm, which released its annual World Economic League Table, said the Kingdom is forecasted to witness an average annual growth rate of 2.2 percent between 2023 and 2036. “This will see Saudi Arabia climb from 19th place in the World Economic League Table in 2021 to 17th place by the end of that period,” it added. 

CEBR pointed out that Middle East’s second-largest economy is heavily dependent on natural resources, with oil accounting for 90 percent of Saudi Arabia’s total exports and 42 percent of the national gross domestic product, according to the CIA World Factbook. 

It stressed that the diversification efforts undertaken by the Kingdom will be key to its future prosperity.

With the Saudi Government taking active steps towards this goal via strategic frameworks such as Saudi Vision 2030, the report said this framework will seek to increase non-oil international trade, promote investment opportunities and strengthen the public sector.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
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
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
×