Al-Marsad newspaper – SPA: In figures that reflect the efficiency of the economic reforms taken by the Kingdom since the launch of Vision 2030, the IHS Markit index expected that the Saudi economy would record, during the last quarter of 2021 AD, the highest growth levels among the Group of Twenty countries at 11.1%, a large difference from its closest competitors. Italy by 4.5%.
Unlimited support from the Crown Prince
These positive numbers come; In light of the unlimited and great support and direct supervision that the Vision 2030 programs enjoy from His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic Affairs and Development; To demonstrate the strength and efficiency of the economic reforms undertaken by the Kingdom since 2016; Which had a great impact in overcoming the consequences of the Covid 19 pandemic with minimal damage despite the sharp declines in oil prices, as the levels of growth of the Saudi economy come at a time when many countries of the world, including major economies, are still struggling to overcome the repercussions imposed by the Corona pandemic, which are no less In its effects on the effects of World War II.
GDP growth
The GDP growth rate of the Saudi economy reached 7% during the third quarter of 2021, which is the highest annual growth rate since 2012, which reflects the Kingdom’s economic capabilities in a rapid recovery from the effects of the Corona pandemic and the return of economic activities, benefiting from the exceptional efforts that have been made. The government of the Kingdom of Saudi Arabia in addressing the challenges of the pandemic and the stimulus provided to the national economy.
covid 19 pandemic
At a time when the Covid-19 pandemic caused many economic repercussions that affected a number of vital sectors, particularly the employment sector; The results achieved by the Saudi economy were in contrast to that wave, as the pace of Saudis’ employment in the private sector rose to its highest quarterly level ever, according to administrative records, reaching 90,000 during only the fourth quarter of last year (2021AD).
The number of Saudi workers in the private sector exceeded 1.9 million workers for the first time ever in December 2021 AD, which reflects the effectiveness of the Kingdom’s government policies in creating jobs for Saudis in the private sector, while the record high rate of women’s participation in the labor market continued, as it actually exceeded the 2030 target. It reached 34.1% in the third quarter of 2021 AD, which was achieved thanks to the progress of social and economic reforms in the Kingdom.
Value of non-oil exports
As a culmination of the Kingdom’s efforts to diversify the economy and reduce dependence on oil, the value of Saudi non-oil exports reached 195 billion riyals until the end of the third quarter of 2021 AD, an increase of 33% compared to last year, at a time when the Kingdom was one of the best performing global economies during the pandemic period where levels were The decline in the GDP is very limited, and the Kingdom has reached the sixth rank among the G20 countries when non-oil activities are considered as a determinant of economic performance in the Kingdom.
Economic observers and analysts expect that the path of prosperity in the Saudi economy will continue, represented by the return to recording budget surpluses for the first time since 2014, in addition to the expansion of the implementation of ambitious transformation plans and programs during 2022 AD and the coming years, where the path of prosperity and diversification of the economy will be achieved through several arms that will contribute to pumping more From 12 trillion riyals until 2030.