Saudi news

The Saudi economy will be the fastest growing this year

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah said that the Kingdom’s economy will be the fastest growing this year.

He added that Saudi Arabia is with the transition to clean energy, but that will take decades, saying: “The Kingdom is working to stabilize energy security.”

He pointed out that OPEC + faced market fluctuations, and worked in favor of producers and consumers.

“We have a strong partnership with America, and this does not mean agreement on everything,” according to the Saudi foreign minister.

India is expected to lose its title as the fastest growing major economy this year, amid weak demand at home and abroad.

This comes after the first official estimate released by the Indian Ministry of Statistics last Friday indicated that the gross domestic product (GDP) would grow by 7% in the fiscal year ending in March.

This compares with expectations of growth of 6.8% by the Reserve Bank of India, as well as the average estimate in a survey of economists conducted by “Bloomberg”, and viewed by “Al”.

This performance follows a growth rate of 8.7% in the previous year, and will rank second after Saudi Arabia’s expected growth of 7.6%, thanks to gains from higher energy prices.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button