The Russian-Ukrainian crisis, high energy and food prices, the escalation of inflationary pressures, tightening monetary policies, and the report of the Organization for Economic Cooperation and Development, according to a statement by the Saudi Press Agency on Tuesday, are the main causes of the Kingdom’s economy’s departure from the sombre and cloudy outlook for the global economy.
In addition to closures as a result of the spread of the Corona virus spread in China.
Since its estimates were impacted by the slowdown in most economies around the world, the Organization for Economic Cooperation and Development (OECD) reduced its expectations for how the global economy would perform for the current year and year 2023 in its report “OECD,” but it kept its expectations for the growth of the Saudi economy during the year 2022 at 9.
9 percent, and the growth has increased The Saudi economy during the next year 2023 by 6 percent.
This statement follows the IMF’s praise of Saudi Arabia’s economy and financial stability, which emphasised that the country’s economic prospects were favourable in the short- and medium-term due to the country’s continued recovery of its economic growth rates, the control of inflation, as well as the growing strength of its external economic position.
The International Monetary Fund’s specialists emphasised that the Kingdom’s continuous execution of structural reforms will assist ensure a strong, thorough, and eco-friendly recovery, noting that the Kingdom is strongly recovered in the wake of the recession brought on by the pandemonium. Its creation aided the kingdom’s restoration.
The Saudi economy may experience the strongest growth in the G20 Group in 2022.
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