Saudi Arabia is heading to occupy the top of the fastest-growing economy in the world during the current year, displacing India from the lead after the latter lost growth due to weak demand at home and abroad.
According to the General Authority for Statistics estimates, the Saudi economy grew by 8.8 percent during the third quarter of last year, compared to the same period in 2021, mainly due to a significant increase in oil-related activities.
Saudi Arabia is expected to displace India from the top of the world's fastest-growing economies this year, with a growth of 7.6 percent, to make the Kingdom first in the world in terms of economic growth, according to Bloomberg. This came after the Reserve Bank of India announced its growth expectations by 6.8 percent by the end of March of last year, with Saudi Arabia occupying its position as a result of the rise in energy prices.
Last December, the Saudi Council of Ministers approved the general budget for the fiscal year 2023, with a total expenditure of 1.114 trillion riyals ($297 billion), revenues estimated at 1.130 trillion riyals ($301 billion), and a surplus of 16 billion riyals ($4.2 billion).
Source (Al-Sharq Al-Awsat Newspaper, Edited)
