International Chamber of Commerce - Saudi Arabia (ICC-SA) expected the kingdom’s foreign trade to rise in 2019, amid economic forecasts of a hike in energy prices next year.
ICC President Yassin al-Srour told Asharq Al-Awsat that the “Saudi economic diversification plans are advancing towards increasing revenues,” adding that the non-oil GDP would grow 3.7 percent.
Srour stated that the Saudi economy is characterized with a good performance, given the 5.6 percent increased spending in 2018 reaching SAR978b (USD260.8b), and which is expected to reach SAR1.11 trillion (USD296b) if investment funds were included and oil prices were improved.
He said that the new decisions are likely to boost all economic sectors and assimilate the citizen’s economic conditions through reducing impact of the essential procedures taken by the state to restructure the economy.
Srour affirmed that the economic reforms carried out by the government have a positive impact represented in contributing in maintaining good-living for citizens.
“Year 2018 is characterized for being a year of transformations on all levels and East Asia countries would enjoy the best luck,” he added.
ICC President noted that emerging states contribute with a 55 percent, while he expected Asian economies share (China and India in the lead) to contribute with 75 percent in the global economy growth.
According to Srour, global markets will witness an affluence in oil derivatives and the states are likely to move towards new energy sources especially with the technological development in oil, gas and alternative energy industries.
This would play a major role in the economic transformations.