RIYADH: Saudi Arabia’s financial sector is reported to have made a big progress with the acceleration of non-oil income diversification measures. According to the World Bank, the reform measures as part of the Saudi Vision 2030 have made Saudi Arabia the fastest growing country in recent times.
In the last seven years (from 2015 to 2022), Saudi Arabia has achieved an economic growth of 66 percent. According to the World Bank report, Russia has grown by 64 percent during the same period and has taken the second place behind Saudi Arabia. China ranked third with a growth of 62 percent. India at the fourth position grew by 61 percent, Indonesia at the fifth position by 53 percent and the United States at the sixth position by 40 percent.
In the last seven years (from 2015 to 2022), Saudi Arabia has achieved an economic growth of 66 percent. According to the World Bank report, Russia has grown by 64 percent during the same period and has taken the second place behind Saudi Arabia. China ranked third with a growth of 62 percent. India at the fourth position grew by 61 percent, Indonesia at the fifth position by 53 percent and the United States at the sixth position by 40 percent.
Saudi Vision 2030 was launched after Crown Prince Mohammed bin Salman took over. Emphasis is placed on diversifying the economy which was dependent only on oil exports and finding other sources of income. 2022 is the highest economic gain in the last 11 years. The country’s gross domestic product last year was $1.11 trillion. In 2015 it was 669.5 billion dollars.
The economic growth last year was higher than estimated by local and international agencies. There has been revolutionary progress in tourism, commerce, investment, agriculture and export sectors.
