Saudi Arabia Leads as G20’s Fastest-Growing Nation

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Saudi Arabia’s inclusion in the G20 results from its growing prominence in global energy exportation, pricing, increased international trade volume, and expanding global influence. It is also attributed to the projected rise in the nation’s financial resources, further cementing its importance in the global economy.

The Kingdom’s financial policies carry significant global repercussions, impacting the economy and international trade through remittances and global securities investments. Its expanding economic influence in the Middle East and Arab nations has led to its classification among the top emerging economies globally, alongside China, India, and Turkey.

Membership in the G20 facilitates direct communication with global economic policymakers, fostering bilateral cooperation with major nations. This membership encourages greater transparency in financial and economic data sharing, aligning with developed countries’ standards. It is expected to drive policy coordination and reforms in various financial and economic domains, promoting further development and benefiting the Saudi economy.

Saudi Arabia’s ambitious economic projects, such as establishing multiple economic cities and the King Abdullah Financial Center, underscore its global economic potential. The Kingdom’s efforts in reforming and supervising the banking sector were highly praised by the World Bank, positioning it 12th globally among 183 countries.

Saudi Arabia’s commitment to global economic stability is evident through its balanced and sustainable growth policies, fostering the interests of both developed and developing nations. In 2022, the Kingdom achieved the highest GDP growth rate among the G20 countries, exceeding international expectations.

Productivity growth in Saudi Arabia witnessed a remarkable turnaround, becoming the highest among G20 nations in 2022 after years of decline. The Kingdom also excelled in aviation security and digital readiness, solidifying its global position as a technology hub.

The Kingdom’s efforts in bridging the digital gap via high-altitude platform systems and widespread digital infrastructure connectivity were acknowledged, propelling Saudi Arabia to the top ranks in digital competitiveness among G20 countries. Additionally, the Kingdom’s achievements in women’s empowerment and youth involvement in the technology sector exceeded G20 and EU averages.

In financial markets, Saudi Arabia ranked third in IPO and corporate board indices within the G20. It also entered the top 20 globally in the World Competitiveness Yearbook 2023, surpassing several advanced global economies.

Saudi Arabia’s G20 membership underscores its influential role in the global economy, driven by its solid industrial economic foundation and status as a secure investment destination worldwide.


Source : Arab News