Business infrastructure and facilities will continue to improve because of large-scale public and private investment that bodes well for a wide range of sectors, including tourism and hospitality, transport and logistics, energy and derivatives, industrial production and manufacturing, and a range of consumer and business services. Article tags Economic fallout on the oil markets from the war in Ukraine has strengthened Saudi Arabia's medium-term fiscal and external outlooks. The fiscal balance will return to positive territory in 2022 supported by an energy sector windfall and buoyant non-energy business activity, while the public debt stockwhich has been on a rising trend for much of the past decadewill shrink in absolute terms and relative to GDP. variste Ndayishimiye, president of Burundi,also stressed the vitality of funding African nations to accelerate the energy transition. Saudi Arabia has implemented a wide range of reforms to help to improve the business environment, attract foreign investment and boost private-sector participation in driving the economy and supporting the labour market. For 2023, panelists expect the economy to expand 3.6%. Headline inflation is projected to slow and hover at about 2% in 2022 as result of a stronger US dollar, against which the Saudi Riyal is pegged, and tighter monetary policy. That is why we must start an initiative to confront these consequences of climate change - Jordan pledges to abide by and take all measures for comprehensive solutions and to ensure green growth while implementing our national ambitions, he said. Saudi Arabia has embarked upon an unprecedented reform agenda known as Vision 2030, which aims to create a dynamic, diverse and sustainable economy. We must act today, not tomorrow. The current population of Saudi Arabia is 36,436,534 based on projections of the latest United Nations data. Risks to the outlook include rising global inflation and interest rates. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. Country News; At a Glance; . Growth would be driven by high oil prices and. Saudi Arabias economy will exhibit strong levels of growth in 2022, as pandemic-related uncertainty and volatility seen over the last couple of years diminishes, the bank said in its February report. The Fund, known as IMF, has raised its forecast for. It aims to increase both the traceability and the transparency of end-to-end carbon intensity of every part of the oil supply chain, enabling investors, policymakers, companies, and consumers to make more informed decisions. Saudi Arabia, which is forecasting a decade-high economic growth of 8% for 2022, is projecting its GDP will slow to 3.1% growth in 2023, the ministry of finance said in a preliminary 2023 budget report released on Sept. 30. At the same time, no additional debt issuances will push the debt-to-GDP ratio down to 26.3 per cent at the end of 2023, according to the report. Meanwhile, Ahmed Al-Nafie, from the Ministry of Energys Liquid Displacement Program, said the circular carbon economy initiative aimed to achieve the optimal energy mix in the Kingdom, with 50 percent gas and 50 percent renewables. Our work is guided by our principles of independence, world-class insights and rigorous analysis of the world around us. It will take time to implement and secure the required finance - there are direct and indirect factors affecting climate, such as increase in population, it affects directly the climate changing, said Rashid. Saudi Arabia is the most positive on its country's economic outlook with 93 percent rating it as good, according to the Ipsos Global Consumer Confidence survey. Various factors cause this economic contraction: the COVID-19 crisis, low petroleum price, and low global demand for oil. A recent data released by the General Authority for Statistics revealed that Saudi Arabias annual inflation rate accelerated to 3 percent in August, up from 2.7 percent in July. Saudi Arabian real GDP growth will be close to a solid 5% in 2023 before slipping back to reasonably strong growth of about 3% in 202426. We must establish a loss and damage response fund here. Saudi Arabia expects 2022 budget surplus after years of deficit Riyadh estimates it will achieve a surplus of 90 billion riyals ($23.99 bn), or 2.5 percent of GDP, next year. This . We estimate Saudi Arabia's fiscal break-even Brent oil price at an average of 67/bbl in 2020-2022. In Makkah, where thousands of pilgrims go for Umrah and Hajj, the hospitality sector recorded an almost three-fold increase in occupancy rate in the first five months of the year. KSA Real Estate Report 2022 Outlook . Saudi Arabia's arrivals from Kuwait will continue to increase over the remainder of our 2022-2026 forecast period and will fully recover in 2024 as they reach 2.0mn. Global economic recovery, particularly in the Kingdom's key trade and FDI partners, is also critical to Saudi growth. The credit rating agency further added that the positive outlook reflects its strength of GDP growth, healthy financial policies, and government reforms that aim to diversify the economy, which has been oil-dependent for several decades. TriPac (Diesel) TriPac (Battery) Power Management A Valentine's Day advertisement in a mall in Riyadh. Jadwa Investment said in a research note that it expects the kingdom's economy to grow by 7 percent year-on-year in 2022 as a result of sizably higher oil sector growth and robust levels of non-oil growth. With expenditure expected to decline 1.5 per cent a year to 941bn riyals, the fiscal surplus should narrow to 73bn riyals or 2 per cent of GDP next year, Jadwa said. June 7, 2022. The EIU was created in 1946 specifically to address the issues that readers of The Economist were asking. He said one million barrels represents 95 percent of the liquid used in the Kingdom, and by 2030, the country will avail a new source and will displace this quantity of liquid. Saudi Arabia's economy experienced a deep contraction in 2020, with the rebound seen through 2021. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Consumer spending growth in 2022 will be driven by an improving economy, supported by increasing hydrocarbon output against the backdrop of a strengthening in global energy demand. After slipping during that same month, oil prices then recorded their . Saudi Arabia's economic structure is unbalanced. Today we can showcase a lot of these projects through capturing CO2,theproduction of hydrogen and some other polymer-based materials, and a lot of the renewable energy sources like the polymer-based panels, that are in display, she said. The agency pointed out that there will be no dramatic rise in sovereign debt costs in the Kingdom, as most of the public debt portfolio is running at a fixed rate. We forecast Saudi Arabia's arrivals from Kuwait to grow by 189.2% y-o-y to reach 943,760 in 2022, increasing from 326,340 in 2021. October 31, 2022 14:14. Ramaphosa noted that Africa should build adaptive capacity to fight climate change, and also urged multilateral cooperation to achieve sustainability goals. Saudi Arabia Warns against Upcoming Economic Pressure. Despite headwinds from tighter fiscal and monetary policies in the medium-term, stronger private consumption is anticipated, as well as an increase in religious tourism and higher domestic capital spendingsignaled through the PIF and other state agencies. Get a sample report showing our regional, country and commoditiesdata and analysis. The sovereign wealth fund, known as the Public Investment Fund (PIF), will stimulate growth in the construction sector as a result of progress on mega-projects and support national development via capital injections of 150bn riyals annually, it said. JEDDAH:Policies to fightglobal warmingmust be coordinated with non-governmental organizations, Egypts president has insisted at the latest meeting of theEastern Mediterranean and Middle East Climate Change Initiative. Economic activity in the Kingdom of Saudi Arabia (KSA) witnessed sharp rebound, registering real GDP growth of 7% in Q3 2021. . Saudi Arabia itself, technically the Kingdom of Saudi Arabia, borders most of the Arabian Peninsula, having a landmass of about 2,150,500 square kilometres. Request This Report. Saudi Arabia led the Middle East and Central Asia in the IMF's World Economic Outlook growth projections for 2022 and 2023. Expensive imported commodities will add to price pressures, but consumer price inflation will remain contained by price caps and subsidies, and as the Saudi Central Bank tightens monetary policy in line with the Federal Reserve (the US central bank) to help to protect the exchange-rate peg to the US dollar. Many African countries are in the sunshine, wind, rivers and forests. Top Wall Street bankers offered up a litany of warnings that recession in the US and Europe is increasingly likely with geopolitical risks further darkening the horizon . Saudi Arabia Knoema, an Eldridge business, is the premier data platform and the most comprehensive source of global decision-making data in the world. Saudi Arabia Economic Outlook. Online Store Non-oil sector growth also remains strong, with robust services growth as the economy continues to rebound after the pandemic. The OPEC oil basket traded at USD 98.5 per barrel on average over the last month, up 4.3% from the prior month. Saudi Arabia's economic momentum is expected to continue well into 2022 on back of expected increase in oil production. GDP in Saudi Arabia averaged 274.12 USD Billion from 1968 until 2021, reaching an all time high of 833.54 USD Billion in 2021 and a record low of 4.19 USD Billion in 1968. 83. Regarding overall GDP, sequential growth is likely to remain robust in Q3, though year-on-year growth will be dented by a tougher base effect. USD. Unsurprisingly, the current-account balance will post an enormous surplus of about US$163bn (up from US$44bn in 2021), which will contribute to the rebuilding of ample reserve buffers, with international reserves of US$475bn almost back to pre-pandemic levels. Press The statement added that this buildup is coupled with public and private housing projects that are in high demand at the moment, providing an opportunity for companies in the building sector worth over SR3.75 billion. Google+, Facebook We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. Reuters. Our world-class assets and engineering expertise combined with environmental stewardship help us to address complex environmental challenges., He added:This initiative is pursued in alignment with our partners at Aramco and SABIC to produce the first circular polymers in the MENA region, utilizing a novel processing route starting from SATORP refinery and passing through Aramco and SABIC assets, where the first in-Kingdom circular polymers will be produced.. Our team works relentlessly in providing a reliable, affordable energy source to our customers while engaging in a breadth of sustainability initiatives to safeguard our environment,saidAbdullah S.Suwailem, president & CEO of SATORP, a joint venture between Aramco andTotalEnergies. Crown Prince Mohammed bin Salman (announced) the SGI to position Saudi Arabia at the vanguard of the fight against the climate change,Aldhahrisaid, adding: This initiative aims to improve the quality of life in Saudi Arabia and also to protect the next generations.. Twitter We need to act with courage, urgency and solidarity to solve climate issues, saidChakwera. Saudi Arabia's economy experienced a deep contraction in 2020, with the rebound seen through 2021. This unprecedented demand for IPOs in Saudi is fueled by investors' confidence in the long-term economic growth, transformation plans, and shareholders' appetite to attain listing gains. His words were echoed by other leaders from the region, who spoke of the impact climate change is already having ontheir countries. Price inflation will rise to 1.7 per cent a year, as higher levels of inflation recorded in many developed economies do not fully transmit into the local economy, the report said. The kingdom has forecast economic growth of over 7 percent in 2022 as higher oil prices and expanding production could boost the state coffers and the level of consumption bounces back to pre-COVID times. Further to the upgraded ratings, the International Monetary Fund in April also raised its growth projection for Saudi Arabia by 2.8 percent to 7.6 percent in 2022. It features eight key economic transformation targets translated into very specific objectives. Jun 04, 2021 | Published by: GlobalData | USD . Globally, Saudi Arabia continues to assume its pivotal role, under the OPEC+ structure, in resolving oil market imbalances through monthly oil production cuts of 0.4 mbpd, which started in July 2021. Stronger oil output is the main driver behind the recovery, which is expected to grow by 13% in 2022 following the end of the OPEC+ production cuts in December 2022. 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Saudi Arabia Outlook Saudi Arabia's annual Gross Domestic Product (GDP) growth is estimated at 4.6% in 2022. To meet the demands of a 21st century, knowledge-based labour market, Saudi Arabia must develop a highly-skilled population, which puts education at the centre of Vision 2030. The world's largest oil exporter, Saudi Arabia's economy is forecast to grow 7.4 per cent in 2022, after growing by 2.9 per cent this year. The future and impact of decades of global analysis, explored, Saudi Arabia set to be worlds fastest-growing major economy. It is expected that public debt will stand at SAR938 billion in 2022, or 25.9% of GDP. S&P alsoupdated its outlook for Saudi Arabia to positive, andassessed the Kingdoms short and long-term foreign and local currency sovereign credit ratings to A-/A-2, Saudi Press Agency reported. Prepared by the OECD Economics Department, the Outlook puts forward a consistent set of projections for output, employment, government spending, prices and current balances based on a review of each member country and of the induced effect on each of them on . We must get new systems with new technologies of new irrigation system to limit water waste in the future, he added. With high vaccination rollout reaching 68% of the population, from January 2022 new cases were on a downward trajectory. End Date. With the government pursuing economic diversification under the Vision 2030 program, the GDP contribution of the non-oil sector is expected to keep . 2022 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. AnISCC+ certification ensuresthatcriteriasuch asgood practices to protect soil, water, and airare met. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. This webinar will address the report in the context of the impact of the Covid-19 pandemic on the Saudi economy and assess the government's policy response. Saudi Arabia announces $6.4 billion investments in future tech LEAP 2022: Huawei announces plans to build new cloud region in Saudi Arabia Saudi Arabia to develop local tourism with new 'Digital Tourism Strategy' Get the latest stories from AlArabiya on Google News Saudi Arabia Oil Also Read We assume Brent crude oil prices will average USD100/bbl and USD80/bbl and that Saudi Arabia's oil production will average 10.7 million b/d and 11.1 million b/d, respectively. Speaking at the high-level segment forheads ofstates andgovernment at COP27 in Sharm El-Sheikh, Egypt, South Africa President CyrilRamaphosasaid the entire African continent is now experiencing the worsening effects of climate change. S&P added that inflation in Saudi Arabia is relatively low in comparison to its counterparts, and it is likely to remain under control as the government subsidizes fuel and food prices, along withtying the local currency with the relatively-strong US dollar. How we work on improving our systems, especially irrigation systems, we can't go to old times of wasting water, he said. Saudi Arabia's economy was still projected to grow by 7.6% this year, which the IMF said would likely be one of the fastest growth rates in the world, helped by strong oil demand and 4.2% expected . It also ensures thatsafe working conditions,compliance with human, labor, and land rightsandgood management practicesare followed. . Saudi Arabia's economy is expected to expand 7.7 per cent in 2022, after 3.3 per cent growth in 2021, as the coronavirus-related uncertainty that marked the last two years recedes, according to private equity and investment group Jadwa Investment. The OPEC oil basket traded at USD 95.3 per barrel on average in September, down 6.5% from the prior month. During the meeting, Iraq President Abdul Latif Rashid said the time has come to take action and implement. Speaking on the first day ofCOP27,MinoucheShafik, director of the London School of Economics, said Africa has all the potential to become a renewable energy powerhouseif rich nations help the continent in the global battle against climate change. Saudi Arabia seeks to diversify its economy away from oil, and always encourages investment in the non-oil sector, according to Bloomberg. Saudi Arabia The baseline forecast is for growth to slow from 6.1 percent last year to 3.2 percent in 2022, 0.4 percentage point lower than in the April 2022 World Economic Outlook. Indeed, in the first three months of 2022 GDP expanded by 9.9% year-on-year, and 2.6% quarter-on-quarter. He said that the main factors affecting climate changing are the industrial pollution, and that operational procedures are very important and must have agreed upon procedures to assure cooperation. World Economic Outlook; Global Financial Stability Report; Fiscal Monitor; . We forecast Saudi Arabia's real GDP will grow by a robust 7.5% in 2022 (up from our previous forecast of 7.4%), before leveling off at an average 2.5% per year over 2023-2025 (down from 2.7%). FocusEconomics panelists project GDP to rise 7.7% in 2022, which is up 0.3 percentage points from last month's estimate. Start working with the reports used by the worlds major financial institutions, multinational enterprises & government agencies now. In 2021, there were 20 public listings of Saudi companies (9 on Tadawul and 11 on Nomu). The Kingdom, the Arab world's largest economy and world-leading exporter of crude oil, is forecast to grow 7.6 percent after expanding 3.2 percent last year. Want to work with us? Loss and damagewouldseecash-rich polluters paying reparations topoorer states who make negligible contributions to emissions but still face unavoidable damage from climate changedue toworsening floods, droughtsand sea level rise. We forecast real household spending in Saudi Arabia to post growth of 3.5% in 2022, a deceleration from the estimated 7.5% in 2021 as favourable base effects wear off. Consumer Market Outlook . To support this, Saudi Arabia has been making changes to its domestic structure and policy frameworks, a result of the implementation of the Kingdom's long-term socio-economic development plan, Vision 2030. 2022. Consumer price inflation is expected to average about 2.5% in 2022 (and even less in 2023), which together with China and Japan will be the lowest annual average rate recorded among the worlds 20 largest economies. If you continue to navigate this website beyond this page, cookies will be placed on your browser. It will feature a conference on smart cities, a forum on the future of building and sustainability, and a few workshops on the latest technologies and innovations presented by some of the sectors leading executives and experts. GBO Correspondent. The kingdom will outpace the dynamic Asian giants of China, India, Indonesia, South Korea and Taiwan, grow much faster than the struggling major economies in western Europe and North America, and leave other large emerging economies in its wake.
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