Saudi Economy Registers Highest Growth among G20 Countries

Saudi Arabia’s gross domestic product (GDP) grew by 8.7 percent in 2022, registering the highest growth rate among the G20 countries. (Asharq Al-Awsat)
Saudi Arabia’s gross domestic product (GDP) grew by 8.7 percent in 2022, registering the highest growth rate among the G20 countries. (Asharq Al-Awsat)
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Saudi Economy Registers Highest Growth among G20 Countries

Saudi Arabia’s gross domestic product (GDP) grew by 8.7 percent in 2022, registering the highest growth rate among the G20 countries. (Asharq Al-Awsat)
Saudi Arabia’s gross domestic product (GDP) grew by 8.7 percent in 2022, registering the highest growth rate among the G20 countries. (Asharq Al-Awsat)

Saudi Arabia’s gross domestic product (GDP) grew by 8.7 percent in 2022, registering the highest growth rate among the G20 countries, despite the complex economic conditions and challenges facing the world.

This rise has exceeded the expectations of international organizations, which have estimated the Saudi GDP to increase by 8.3 percent.

The recent growth is the highest in the last decade, according to the GDP report and national accounts indicators for the fourth quarter of 2022 issued by the General Authority for Statistics (GASTAT) on Thursday.

In this regard, experts told Asharq Al-Awsat that the Saudi government’s efforts to stimulate the local private sector and increase the volume of investments contributed to this rise, pointing that economic reforms have led to the growth of non-oil activities, which reflected positively on the Saudi economy.

In comments to Asharq Al-Awsat, Fadel Al-Buainain, member of the Shura Council, said the Saudi GDP saw a remarkable rise, as the fastest and highest growth at the G20 level, thanks to the government’s continuous efforts in economic reforms and the development of the non-oil sector, which is witnessing an unprecedented recovery.

The government continues to support the local private sector’s endeavor to raise the volume of production and export of national products, in addition to encouraging investments and attracting foreign capital, he stressed.

Economist Fahad bin Jumah told Asharq Al-Awsat that the growth of Saudi GDP was the result of the increase of non-oil activities and the efficiency of spending that was achieved thanks to the government’s incentives to the local private sector.

In its report, GASTAT said the current growth rate is the highest annual rate in a decade, adding that the Saudi GDP crossed, at current prices, the $1 trillion mark in 2022 — for the first time in history.

All economic activities registered positive growth rates during the year, it noted. The contribution of crude oil and natural gas activities reached 32.7%, followed by government services at 14.2%, manufacturing activities except oil refining at 8.6% and wholesale and retail trade activities, restaurants and hotels at 8.2%.



IMF Says Ready to Support Syria Reconstruction when Conditions Allow

A drone view shows al-Yarmouk Palestinian refugee camp, after Syria's Bashar al-Assad was ousted, in Damascus, Syria, December 19, 2024. REUTERS/Zohra Bensemra
A drone view shows al-Yarmouk Palestinian refugee camp, after Syria's Bashar al-Assad was ousted, in Damascus, Syria, December 19, 2024. REUTERS/Zohra Bensemra
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IMF Says Ready to Support Syria Reconstruction when Conditions Allow

A drone view shows al-Yarmouk Palestinian refugee camp, after Syria's Bashar al-Assad was ousted, in Damascus, Syria, December 19, 2024. REUTERS/Zohra Bensemra
A drone view shows al-Yarmouk Palestinian refugee camp, after Syria's Bashar al-Assad was ousted, in Damascus, Syria, December 19, 2024. REUTERS/Zohra Bensemra

The International Monetary Fund stands ready to assist Syria's reconstruction alongside the international community, but the situation on the ground remains fluid, IMF spokesperson Julie Kozack said on Thursday.
Kozack told a regular press briefing that the IMF has had no meaningful contact with Syrian authorities since an economic consultation in 2009, Reuters reported.
"It's too early to make an economic assessment. We are closely monitoring the situation, and we stand ready to support the international community's efforts to assist serious reconstruction as needed and when conditions allow," Kozack said.
Less than two weeks after Syrian opposition fighters toppled Bashar al-Assad's regime and seized control of the capital Damascus, Kozack said that the emerging Syrian authorities face many difficulties after 13 years of civil war.
"The Syrian people have suffered for far too long. We hope that the country can now begin to address its deep humanitarian, social and economic challenges, and to begin the rehabilitation of the Syrian economy," Kozack said.

Kozack also said that the IMF Executive Board will meet on Friday to consider approval of a $1.1 billion disbursement to Ukraine from the IMF's $15.6 billion loan program to the war torn country.

The disbursement, part of the sixth review of the four-year Ukraine loan, would bring total program disbursements to $9.8 billion, with about $2.7 billion available for 2025, Kozack added.