The Dhaka Times Desk 'The country is on track to achieve the highest economic growth in nearly a decade. Saudi Arabia is going to end the year 2022 with the high price of fuel oil.
As one of the world's fastest growing economies, Saudi Arabia is on track to achieve the highest economic growth in nearly a decade. Fueled by high oil prices, this Middle Eastern country is going to end 2022 as one of the fastest growing economies in the world. Information from Business Insider.
Last week, a new forecast by the International Monetary Fund (IMF) said Saudi Arabia's economic growth rate could rise to 7.6 percent this year. Just two years ago, the country's growth rate dropped to 3.4 percent amid the coronavirus pandemic.
Saudi Arabia is likely to be one of the world's fastest-growing economies this year, the IMF said on Wednesday, as broad business reforms, rising oil prices and manufacturing capacity recover from the effects of the pandemic slowdown. But this year, the United States is not even close to the great economic dynamics of Saudi Arabia. The world's largest economy still faces recession fears. The US central bank is struggling to contain inflation. According to the IMF, inflation in the United States is likely to average 6.6 percent in 2022, which is expected to reach next year.
In its latest forecast, the agency also said the United States' GDP growth rate this year could be as high as 2.3 percent, which would be less than half of its growth last year and well below that of Saudi Arabia. The situation in European countries is even worse.
A deepening energy crisis in Europe could be the start of several steep economic contractions, an analyst at Energy Aspects said. Benchmark European natural gas prices also rose this week and are currently about 10 times higher than normal. Fierce fires, shortfalls in Russian gas flows and droughts that have dried up Germany's Rhine River have left the continent's economy in a bleak state. But at the same time, Saudi Arabia is about to write a huge growth milestone in the history books.
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