Saudi economy seen to grow by 9.9% in 2022, 6% in 2023: OECD

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The Saudi economy is expected to grow by 9.9% in 2022, the highest growth rate among G20, Saudi Press Agency reported, citing a recent report by the Organization for Economic Co-operation and Development (OECD).

Despite the main challenges facing the global economy, in light of the persistence of inflation for a longer period than expected and slowdown in GDP growth in 2022 and 2023, OECD estimates contradict the bleak and ambiguous outlook that stems from several main factors, namely the Russian-Ukrainian crisis and the rise in energy and food prices. These factors also include the exacerbation of inflationary pressures, the tightening of monetary policies and lockdowns due to COVID-19.

As a result, the OECD lowered its forecasts for the global economy for 2022 and 2023, as its estimates were affected by the slowdown in most global economies.

The organization also expects the Saudi economy to increase by 6% in 2023.

On the other hand, the International Monetary Fund (IMF) maintained its forecast for the Saudi economy at 7.6% and 3.7% in 2022 and 2023, respectively.