OECD (OECD) believes in the new report that among the major economies in the world in 2022, India may no longer be India or China, but will be Saudi Arabia—the estimated value given is "a substantial increase of 9.9%. Why does
OECD give such a high prediction?
Not long ago, the Saudi authorities released their economic results for the first two quarters of this year. Among them, the economic growth rate in the first quarter was 9.9%, "already as a leading position" among major economies around the world. By the second quarter, the economic growth rate of Saudi expanded to 12.2%.
and it also exceeded the expected value of nearly 12% proposed by many economists. This strong development momentum has laid a solid foundation for Saudi Arabia's economic growth throughout 2022. As some netizens said, energy prices have risen sharply and Saudi Arabia has become the big winner.
Yes, the main reason behind the Saudi economy's high growth is the "sharp rise in oil and gas resources prices". Especially after the outbreak of the Russian-Ukrainian conflict, the EU and other countries proposed a strategy to significantly reduce their dependence on Russia's energy, and instead increased purchases from Saudi Arabia, the United States, Australia and other countries.
Recently, German Chancellor Scholz launched a two-day visit to Saudi Arabia, the UAE and qatar . The main purpose is to "reach a new energy cooperation strategy to bring large-scale, stable and affordable oil and gas resources to EU countries, including Germany."
Before the German Chancellor visited Middle East , the leaders of France and the United Kingdom had actually taken the lead in completing the energy visit. When meeting with leaders of Saudi Arabia and other countries, they repeatedly emphasized that "Europe and the Middle East should establish strategic cooperation beyond fossil energy such as oil, natural gas ."
European leaders hope that "their energy supply will be more diversified and a closer energy partnership with Saudi Arabia and other countries will be established." In addition to purchasing a large amount of oil and natural gas, they also plan to build Saudi Arabia into an important base for the EU's " hydrogen " supply.
In addition to the above factors, Saudi Arabia vigorously develops the "non-oil and gas industry", especially strengthens the position of "real estate, manufacturing, wholesale and retail, and hotel accommodation" in the national economy. This new investment and development growth point is also an important factor in the outside world's full confidence in the Saudi economy.
vigorously invests in the "non-oil and gas industry", and the Saudi authorities have expressed this determination more than once! In the next few years, Saudi Arabia will continue to use the funds obtained from the sale of resources such as oil to "diversify projects to promote economic development" and "reforms of economic structural, legal and social measures" implemented to improve the business environment.
In 2022, Saudi Arabia's GDP is expected to impact US$1 trillion
, based on the information disclosed by the Saudi National Bureau of Statistics, the actual economic growth rate in the first half of this year was 11%, and the completed nominal GDP reached 1992.888 billion riyals. According to the average exchange rate, , it increased significantly to US$531.437 billion, surpassing Netherlands , and rising to 17th place in the world.
If the OECD forecast is more accurate, there will be no major changes in the next few months, coupled with inflation factors, Saudi Arabia's "economic scale in 2022 may exceed US$1 trillion, which will become a high probability event", and the status of the largest economy in the Middle East and North Africa regions has been consolidated. This article is written by Nan Sheng. Please do not reprint or plagiarize without authorization!
