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Tuesday, Nov 29, 2022

World Bank: Saudi economy is fastest growing in region

World Bank: Saudi economy is fastest growing in region

World Bank Country Director for the Gulf Cooperation Council (GCC) Countries Issam Abousleiman expected economies of GCC countries to grow by 6.9% in general this year, noting that the Saudi economy is the fastest growing in the region thanks to the growth of non-oil sectors and increase in local expenditure.
During a meeting titled “Opportunities for the growth of green economy in GCC countries,” which was organized by the Chamber of Riyadh, represented by the environment committee in cooperation with the World Bank Monday, he said: “The good performance of the economy of GCC countries will provide a bigger opportunity to utilize opportunities of the green economy.”

He stressed that this, in return, will help provide more jobs, and considering the Kingdom of Saudi Arabia among pioneering countries in the region in terms of renewable energy.

Member of the chamber and head of the environment committee Eng. Ibrahim Bin Al-Sheikh stressed the importance of the meeting in strengthening partnership with the World Bank through shedding light on economic movement in GCC countries.

He noted that there is a need to further enhance ties with the World Bank to help support small and medium sized enterprises and entrepreneurs.

Senior Economist at the World Bank Khalid Al-Hmoud said that the region is characterized by a good economic performance, registering moderate inflation rates due to the fixed prices of exchange with dollar, availability of financial reserves, and countries’ intervention to reduce price hikes in local markets, which support opportunities for the growth of green economy in the region.
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