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About Saudi Arabia Economy

<<4th La Decorex International Furniture Fair will be held in Riyadh from 13 - 16 November 2024. 




As we have just entered the new year, evaluations regarding the future of the Saudi Arabian economy are exciting and make us think, considering that the numbers do not lie or deceive the data.

As for the source of this excitement, while everyone expects a major slowdown in the global economic network with inflation rates exceeding the levels recorded in previous years, we see that all economic experts and international agencies are talking about their vision of the Saudi economy to rank first in growth rate among G20 countries.

A growth rate of 7.6 percent awaits the Saudi economy in 2023, which has been confirmed by the International Monetary Fund (IMF).

In this way, the Kingdom surpasses India, which is expected to have a growth rate of 6.8 percent.


In the new year, the Kingdom looks set to achieve its highest growth rate in the last 11 years.

So how did the Kingdom achieve these economic rates at a time when IMF Managing Director Kristalina Georgieva said that one-third of the global economy was in recession with the decline in activity of the world's major economies such as the United States, Europe and China, and that it would be a difficult year for a large part of the global economy?

The answer takes us back to last March.

Saudi Arabian Crown Prince Mohammed bin Salman had made statements regarding the growth of the Kingdom and how it can achieve the fastest growth among global economies, thanks to the strong opportunities, the economic reforms it has witnessed, and its efforts to improve the business environment and expand its plans to diversify the economy and sources of income.

Today, the accuracy of these predictions is proving to be true, proving the achievements of the grand framework on which the Kingdom is advancing and observed by the Crown Prince himself: the Vision 2030 project, which covers all aspects of life in the Kingdom.

So, is there more data on the Saudi economic field?

Without exaggeration, the superiority of Vision 2030 remains clear and instructive.

Because the 2030 Vision has contributed to the government's control of the direction of the state's public finances, thanks to the great foresight in directing the Kingdom towards non-oil revenues over the rentier oil economy, as it begins the path of diversifying the resources of the economy and increasing the volume of the Gross Domestic Product (GDP).

Looking at the numerical data, there is a growth in the Kingdom's non-oil export volume reaching 243.8 billion riyals from the beginning of 2022 to the end of the third quarter of 2022, according to official reports. This corresponds to a growth of approximately 25 percent per year.


This steady success and rapid growth of the non-oil sector demonstrates the success of the government's programs and initiatives to enable the private sector to generate profits and positively impact the country's GDP.

The kingdom and its economic team have put the ideas of innovation and the knowledge economy at the top of their priorities, highlighting them as part of major programs to stimulate the private sector, whose participation rate has risen to around 43 percent and is targeted to reach 65 percent by 2030.

The administration also made generous but rational expenditures on all development projects in light of economic, legal and social structural measures and reforms. This provided great momentum and superior strength for growth.

Among the factors that enable the Kingdom to be in an advanced position worldwide in terms of global growth is the regulation of spending on capital projects according to sectoral strategies.

This is a modern feature followed by the state to ensure balanced development, in line with the aims of the Kingdom's vision.


Thanks to the focus on young people, the unemployment rate among the citizens of the Kingdom has decreased significantly. In fact, the same was true for those living in Saudi territory.

With each passing day, the world is waking up to more creative Saudi economic initiatives, such as the Supply Chain Initiative, whose benefits extend beyond the Saudi people to the rest of the world, a product of relentless work under the leadership of Crown Prince Mohammed bin Salman.

The Saudi leadership realized the tragic dimensions experienced by the people of the world as a result of the serious lack of communication during two crises: the new type of coronavirus (Covid-19) epidemic on the one hand, and the Russia-Ukraine war on the other.

In this context, Saudi Arabia launched the Global Supply Chain National Initiative. The project aims to strengthen the Kingdom's position as a key hub and a vital link in global supply chains and attract qualitative, industrial and services investment worth 40 billion riyals ($10.7 billion) during the first two years after its launch.

Through many steps, such as the development of investment opportunities and their availability to investors, or the creation of many special economic zones that attract businessmen and capital from east to west, Vision 2030 moves towards Saudi economic globalization and makes the Kingdom's territory a suitable investment environment for all investors in supply chains.

In light of these achievements, it is quite normal that the Saudi budget has a budget surplus of 9 billion riyals ($2.39 billion). By 2030, this is expected to rise to 71 billion riyals ($18.8 billion).


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