The Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, expected the Kingdom's economy to grow by 8 percent by the end of the current 2022, pointing out that "the growth rate of the Saudi economy is the fastest among the G20 countries and major economies."
He noted, "The Kingdom aims to diversify the sources of growth of the Kingdom's economy by focusing on the most promising economic and industrial sectors." He explained, "The Kingdom aims to increase the participation of the private sector in the gross domestic product to about 65 percent," noting "the methodology previously ranged between 55 and 57 percent and non-oil activities 45 percent."
He pointed out "the unemployment rate among young people fell in the second quarter to its lowest level since the start of recording statistics."
The International Monetary Fund had raised its expectations for the growth of the Saudi economy, which is considered the fastest growing among the major global economies, as this comes amid the boom of the oil sector in addition to the strong growth of the non-oil sector. The Fund revealed that the Saudi economy would grow by 7.6% in 2022, with the possibility of raising these expectations by the end of 2022.
Source (Al-Arabiya.net Website, Edited)
