Beautiful Virgin Islands

Tuesday, Jun 03, 2025

0:00
0:00

Saudi Arabia set to overtake India as fastest-growing major economy this year 

Saudi Arabia is set to overtake India as the fastest-growing major economy in 2023, driven by gains from energy prices. 
According to official data released by India’s Ministry of Statistics and Program Implementation, Saudi Arabia is expected to outpace India with 7.6 percent gross domestic product growth as the rising revenues from higher energy prices continue to bolster the Kingdom’s economy.

This puts India in the second position with an expected GDP growth rate of 7 percent in the fiscal year ending March, as weakening demand has hampered the growth prospects of Asia’s third-largest economy. 

“The growth in real GDP during 2022-23 is estimated at 7 percent, compared to 8.7 percent in 2021-22,” said the Indian ministry in a statement. 

The Indian government is using this estimate to decide its spending priorities in the upcoming union budget that will be presented on Feb.1, 2023, which will also be the last full-year expenditure plan of Prime Minister Narendra Modi’s government before elections in 2024.  

Even though India started the ongoing fiscal year on a good note, monetary policies adopted by the Reserve Bank of India to combat inflation have apparently tampered with the growth curve of the nation.  

India's central bank, which has raised its benchmark rate by 225 basis points so far this fiscal year, is expected to announce further hike after its policy review meeting scheduled between Feb. 6 to 8.  

In December last year, Saudi Arabia reported a larger-than-expected budget surplus for 2022 of SR102 billion ($27.13 billion) — SR12 billion higher than the previous estimate. 

After the approval of the 2023 budget, Saudi Crown Prince Mohammed bin Salman said that the success of the Kingdom’s reforms in the operating model of the public sector and the economy contributed to the achievement of a budget surplus. 

He further noted that the budget surplus will be used to boost government reserves, support national funds, and strengthen the Kingdom’s financial position amid global economic headwinds. 

He also added that the government intends to prioritize capital spending in the 2023 budget based on regional and sectoral strategies in line with the goals outlined in the Kingdom’s Vision 2030. 

In October, the International Monetary Fund, in its World Economic Outlook Report, noted that Saudi Arabia is expected to grow by 7.6 percent in 2022 and 3.7 percent in 2023. 

The World Bank projection was slightly higher than the IMF estimates, as the international financial institution predicted 8.3 percent growth in 2022, before moderating to 3.7 percent and 2.3 percent in 2023 and 2024 respectively. 

In November, the World Bank also revealed that Saudi Arabia is the fastest-growing economy among the Group of 20 nations, adding that the Kingdom has a moderate inflation rate at 2.9 percent, the lowest among G20 countries. 
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×