The the Saudi economy has become the focus of attention for international economic institutions, as it enters a new era of reforms led by the Kingdom’s Vision 2030, which is entirely focused on restructuring the economy away from its reliance on oil revenues, through the Public Investment Fund and privatization, in an effort to achieve development across various sectors. Over the past year, we have observed the impact of the successful implementation of the Vision’s programs, and the pace of growth in the Saudi economy will indeed begin to accelerate starting this year, 2019, with real GDP growth expected to reach 2.6% compared to last year’s growth rate of 2.3%, with total revenues of approximately 975 billion riyals and total expenditures of approximately 1,106 trillion riyals, reducing the budget deficit to 131 billion riyals and leading to a balanced budget by 2023, according to estimates by the Ministry of Finance.
Growth of the Saudi Economy
The start of this year brings good news for the Saudi economy, as the Kingdom was ranked ninth on the list of the world’s ten strongest countries in 2019, and an era of technological advancement and economic growth has emerged, which will undoubtedly yield positive results in the long term. For example, the launch of King Salman Energy Park (SPARK), which serves global investors in the energy sector, as well as a series of tourism projects in various regions aimed at boosting domestic tourism and reducing capital outflows, In addition, the success of modern housing initiatives in the construction sector offers a glimpse into the future of this sector and the potential to leverage modern technologies to enhance citizens" well-being, The development of the educational system by incorporating the Chinese language into the curriculum—given that China is the world’s second-largest economy after the United States—to facilitate exchange and cooperation between the two countries, thereby contributing to the Kingdom’s economic revival; and the empowerment of Saudi women through the promotion of employment opportunities.
The Kingdom also looks forward to achieving further economic growth in 2019, and with the implementation of current and future reforms and developments, it will be interesting to see what the results will be in the near future, with the goal of achieving a secure and stable economic situation.
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