GulfBase Live Support
Saudi Arabia’s gross domestic product (GDP) is expected to jump 29.53 percent to $889.5 billion by the year 2023 while comparing with the year 2017. The GDP is projected to increase 12.11 percent to $769.88 billion during the current year against $689.38 billion in the previous year, according to a report of the International Monetary Fund (IMF). The robust growth in GDP consolidates the Kingdom’s position in the Group 20 countries, which are considered the largest economies in the world.
The IMF estimates projected a further rise of 15.85 percent in GDP reaching $795.58 billion in 2019 and 18.72 percent surge in 2020 with the volume of GDP exceeding $815 billion. According to the IMF projections, Saudi Arabia surpasses Turkey in terms of the GDP growth. Turkey’s GDP is expected to reach $713.51 billion during the year 2018, much below the Kingdom’s projected GDP of $769.88 billion. There was a decrease of 16.21 percent in the GDP of Turkey, and that resulted in its rank falling among the G20 countries from 17 to 19.
Over the past few years, the Saudi economy, the largest in the Arab world, posted a qualitative leap among the economic powers in the world. The Kingdom’s position shot up to 19 in 2018 from 43 during the year 1970.
Minister of Finance Mohammed Al-Jadaan recently said that the updated forecasts of IMF about the Saudi growth have proved the effectiveness and positive impact of economic reforms and fiscal measures implemented by the government in accordance with the Fiscal Balance Program and Vision 2030.
He made these remarks while commenting on the World Economic Outlook report (WEO), published by IMF last Wednesday. The WEO report showed a decrease in the global growth projections and cut in most developed and emerging economies growths estimates for 2018 and 2019. On other hand, Saudi output is projected to expand by 2.2 percent in 2018 and 2.4 percent in 2019.
Significant fiscal and external buffers have enabled Qatar to successfully absorb the adverse shocks from the 2014-16 decline in oil prices and the diplomatic rift. The country’s near- to medium-term
The Ukrainian Deputy Prime Minister & Minister of Economic Development and Trade, Stepan Kubiv? said that Qatar is one of his country’s important partners in the Arab world. He said the countries rel
Wielding the whip against dubious practices by audit firms, the Capital Market Authority (CMA) yesterday announced the suspension of well-known audit firm KPMG from auditing entities regulated by the
Oman Daily Observer
The UK pavilion reflects so much energy; “you can see it from the sky. Someone told me so. It’s so big. It shows how important our presence in the UAE is for us,” Baroness Rona Fairhead CBE, UK Minis
The Gulf Today
In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has enacted changes to the Dubai International Financial Centre (D
The Gulf Today