Saudi Vice Minister of Defense Visits CENTCOM Headquarters    Saudi Minister of Education Meets with CEO of British Cultural Council    Russian diplomat resigns, says he's never been so ashamed of his country    SDAIA: Autonomous vehicles will be commercially available in world by 2030    Sheikh Al-Muajab meets with head of Eurojust Agency in The Hague    Ma'aden Enters Forbes 2000 List of World's Largest Public Companies    Misk Foundation Inaugurates Youth Council at the World Economic Forum    Tea Day event at Madinah university highlights diversity of traditions, cultural heritage    Sheikh Dr. Al Al-Sheikh, Sundberg call for spreading tolerance and dialogue    WEF unveils virtual global collaboration village as future of strong public-private cooperation    Prince Mohammed Bin Salman Nonprofit City appoints Dalkia EDF Group to implement sustainable solutions    Saudi minister: OPEC+ would increase production 'if demand is there'    Saudi student clubs in US hold graduation ceremony    MoH reveals information about monkeypox and ways to reduce its spread    Australia's new PM sworn in ahead of Quad meeting    UNHCR: Record 100 million people forcibly displaced worldwide    Manchester City clinches Premier League title on dramatic final day    How Syrian singer Rasha Rizk dazzled millennials at Jeddah Season?    King Salman Park begins construction on its Royal Arts Complex    Shoura members propose equal blood money for men and women, Muslim and non-Muslim    AMAALA Reveals Iconic New Yacht Club Designs    Arab League Renews Commitment to Enhancing Arab-African Cooperation    KSrelief Signs Agreement to Implement First Phase of Rehabilitating New Building of Mecca Medicine Eye Hospital in Omdurman, Sudan    KSrelief's Masam Project Dismantles 1,339 Mines within a Week in Yemen    British Investors Express Interest in Investing in Saudi Arabia's Food, Drug Market    Asian Shares Mixed    7 Die in Philippine Ferry Fire; over 120 Rescued from Water    Weather Forecast for Monday    Ithra Participates in Cannes Film Festival with New Films to Support Saudi Talents    Exclusive launching of Michael Schumacher Digital Experience at Jeddah F1 Grand Prix    MoH allows 6 categories to receive second booster dose    Mbappé signs new 3-year PSG deal after rejecting Real Madrid    Junaid, Tusif, Ashfaq, Rizwan, Furqan excel Butt Sport to clash with Center System Group in Ace Travel Saudi Cup final    Saudi Aramco: London Championship to Witness Participation of World's Best Female Golfers    Saudi woman finds out she is male after 20 years    Saudi Arabia Heads to Cannes International Film Festival to Promote Country's Flourishing Industry and Support Emerging Talent on World Stage    President of SAFF Participates in AFC General Assembly Meeting    Saudi Athletes Achieve Great Victories in the 2nd Day of the GCC Games Tournament in Kuwait    Jazan Hosts West Asian Beach Soccer Championship    Bollywood actor's tweet reignited debate over Hindi as India's national language    SFDA Advises to Wash Dates Well Before Eating    SFDA Advises Against Mixing Surplus of Iftar and Suhoor with Different Foods or Surplus from Other Days    Ministry calls on imams to avoid long supplications in Tahajjud Prayer    Nothing wrong with a Muslim celebrating birthdays, says Saudi scholar    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Economy achieves highest growth rate in the G20 zone, reports IHS Markit
Published in The Saudi Gazette on 18 - 01 - 2022

The IHS Markit index has expected the Saudi economy to record the highest growth levels among the G20 countries at 11.1% during the last quarter of 2021, a wide gap of about 4.5% from its nearest competitor: Italy. The achievement reflects the efficiency of the economic reforms taken by the Kingdom since the launch of its Vision 2030.
These positive figures come in light of the unlimited support and direct supervision Crown Prince Muhammad Bin Salman, deputy prime minister, who is also chairman of the Council of Economic Affairs and Development (CEDA), extends to the Vision 2030 programs, demonstrating the strength and efficiency of the economic reforms undertaken by the Kingdom since 2016.
This had a great impact on overcoming the consequences of the COVID-19 pandemic with minimal damage despite sharp declines of oil prices, as the levels of growth of the Saudi economy come at a time when many countries, including major economies, are still struggling to overcome the repercussions imposed by the pandemic, which are no less than the effects of World War II.
The Saudi GDP growth rate reached 7% in the third quarter of 2021, the highest annual growth rate since 2012, reflecting the Kingdom's economic potentials for rapid recovery from the effects of the pandemic and the resumption of economic activities, and benefiting from the exceptional efforts adopted by the Saudi government while tackling the challenges of the pandemic and the stimulus measures provided for the national economy.
The COVID-19 pandemic left a significant economic impact on various vital sectors, especially the employment sector. Nevertheless, the results achieved by the Saudi economy were in contrast to that wave, as the pace of Saudi employment in the private sector hit its highest quarterly level ever, according to administrative records, reaching 90,000 during the fourth quarter of 2021.
As a result of the effectiveness of the Kingdom's government policies in creating jobs for Saudis in the private sector, the number of Saudi workers in the private sector exceeded, for the first time ever, 1.9 million in December 2021. Meanwhile, the rate of women's participation in the labor market continued to accelerate, bypassing the 2030 target as it reached 34.1% in the third quarter of 2021, due to the progress of the Kingdom's social and economic reforms.
As a culmination of the Kingdom's efforts to diversify the economy and reduce dependence on oil, the value of Saudi non-oil exports amounted to SR195 billion by the end of the third quarter of 2021, an increase of 33% compared to the previous year.
This at a time when the Kingdom was one of the best performing global economies during the pandemic where the decline in the GDP was very limited, with the Kingdom ranking sixth among the G20 countries when taking into consideration the non-oil activities as a determinant of economic performance in the Kingdom.
Observers and economic analysts expect the Saudi economy to continue to prosper, citing the budget surpluses for the first time since 2014, in addition to the expansion in the implementation of ambitious transformation plans and programs beyond 2022.
This economic boom and diversification of the economy will be achieved through several elements that will contribute to pumping more than SR12 trillion by 2030. — SPA

Clic here to read the story from its source.