The growth of the Kingdom economy is greater than that of the Twenty Group countries

The Kingdom’s GDP growth has more than doubled that of other G20 countries, with the Organization for Economic Co-operation and Development (OECD)’s recent economic forecasts that Saudi Arabia’s economy will expand by 7.8% this year, while G20 economies will rise. 2.9%.

The organization increased its forecast for the country’s growth for the next year, raising it to 9%, which is 3 times higher than the growth expected in the G20 countries, and the inflation rate in the kingdom will be lower than the G – 20 average. 6.3%.

Quarterly growth

In the first quarter of this year, the country’s GDP grew by 10.4%, with oil prices rising more than 70% a year, the Saudi economy, the G20 economies, saw a 4.2% growth over the same period, followed by the UK with 8.7%, followed by Turkey with 7.4%. Italy’s 6.2%, Indonesia 4.8%, and China 4.8% and in the last quarter, the Kingdom’s GDP grew by 2.6%, which is higher than the G20 countries’ quarterly GDP (GDP). According to provisional estimates, it has increased by 0.7% on a quarterly basis. Decreased from the 1.3% increase recorded in the fourth quarter of 2021.

G20 economies

The report said that the group of twenty countries represents about 80% of GDP and that the first three months of this year have been affected by the weak economic activity of the US economy. After rising 1.7% in the last quarter of 2021, France’s economies contracted by 0.4% year-on-year, France by 0.2%, Japan by 0.1%, and the economies of Australia and Indonesia by recession. Growth in Canada, China, India, Italy and Korea, Turkey and the United Kingdom slowed to more than two per cent between the last quarter of last year and the first quarter of this year.

Organization for Economic Co-operation and Development (OECD) Kingdom Economy Predictions for 2022

7.8% 2023

9% first quarter

2022

10.4% G20 GDP growth in the first quarter 4.2% Saudi Arabia 10.4% UK 8.7% Turkey 7.4%

Italy 6.2%

Indonesia 4.8%

China 4.8%