Monday, August 15, 2022
Saudi Arabia to join the club of Trillion dollars economies - Forbes
The American Magazine 'Forbes' expected that the Kingdom of Saudi Arabia to join the club of the largest economies in the world, as the value will exceed one trillion dollars soon, thanks to the rise in oil revenues, in conjunction with the rise in crude prices in global markets. Follow Saudi Expatriates on Google News
The club of the largest economies in the world consists of 18 countries with the highest Gross Domestic Product (GDP) in the world, which exceeded 1 trillion dollars in the year 2021.
* United States of America topped the list with 23 trillion dollars.
* China with 17.5 trillion dollars.
* Japan with 4.9 trillion dollars. See Also : Saudi Arabia jumps 10 places in the list of Global Travel and Tourism Development
* Saudi Arabia has the 19th largest economy in the world, as per the estimation by the International Monetary Fund in the year 2021, with a value of 834 billion dollars.
- The Forbes report predicted that the value of the economy of Saudi Arabia will approach 1 trillion dollars this year. The report states this is due to the increase in oil prices in the global markets, prices have risen to the highest levels in years, after the Russian military operations in Ukraine.
- According to the US Energy Administration the oil prices to rise to more than 104 dollars this year, up from 70.89 dollars in the year 2021 and 11.69 dollars in the year 2020. Recommend : Saudi Aramco becomes world's most valuable company
- Saudi Arabia announced a budget surplus of 77.9 billion riyals, which is equivalent to 20 billion dollars, in the second quarter of the year 2022, as oil revenues seen an increase of 90% on an annual basis.
- The Forbes magazine expects the situation to continue until the end of the year and experts expected the Saudi budget to record a surplus of 10.4% of GDP this year.
- The International Monetary Fund expected the Saudi economy to grow by 7.6% this year, with the GDP rising to 1.04 billion dollars, in what observers expected a faster growth. Most Viewed : Saudi Arabia surpasses 180 countries to top in world in environmental performances index
