Beautiful Virgin Islands


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
Hello and welcome back. Here are today's top stories from around the world, you don't want to miss:
UK PM Sunak and the Election Betting Scandal
Climate Activists Target Taylor Swift's Private Jet in UK
United States Bans Kaspersky Antivirus
US to Supply Taiwan with Suicide Drones Amid Rising Tensions with China
Bodyguard of UK Prime Minister Arrested for Alleged Election Betting
Global Displacement Crisis: Record Numbers in 2023
Muslim Community Leader Criticizes Nigel Farage for Undermining Muslims
Melinda Gates Discusses 'Horrible' Divorce from Bill Gates
Child Obesity Surge in England: A Deep Concern
U.S. Sues Adobe Over Hard-to-Cancel Subscriptions
Deadly Heat Wave Claims Dozens of Lives During Hajj Pilgrimage in Mecca
Here are today's top worldwide stories you don’t want to miss:.
World’s Largest Pilot Union Calls to Eliminate Terms Like ‘Cockpit’ and ‘Manpower’ for Equity
Woman Suing UK Intel Services Denies China Spy Allegations
Iran Sentences Nobel Laureate Narges Mohammadi to 1-Year Prison Term for Propaganda
News roundup
Good day, everyone! We've got some gripping stories for you today, spanning from the Middle East to Europe, and even a touch of Hollywood.
Britain’s Refugee Visa Rules Stranding Children in War Zones
UK Elections Predict ‘Electoral Extinction’ for PM Sunak’s Conservative Party
Italian Activist Ilaria Salis Returns Home After Election to European Parliament
Good morning!
England Faces Serbia in Euro Opener with Defensive Concerns
Dermatologist Warns Against Sunbed Usage
Fake Pro-Reform UK Social Accounts and Their Influence on Elections
UK Man Jailed for Non-Consensual Condom Removal
Reform UK Surpasses Conservatives in Historic Poll
US, Britain, Canada Accuse Russia of Interference in Moldova’s Election
Taylor Swift Fans Create Seismic Activity in Edinburgh
Sunak Aide Under Investigation for Election Bet
Labour Leader Starmer Focuses on Wealth Creation for Upcoming UK Elections
G7 to Use Frozen Russian Assets for $50 Billion Ukraine Aid
Anti-Israel Irish MEP Clare Daly LOST her seat in the EU Election
Johnson & Johnson Settles Talc Safety Claims for $700 Million
EU Urged to Welcome Skilled Russians to Weaken Putin
EU Elections Overview: Far-Right Gains and Major Political Shifts
Israel Rescues Four Hostages from Gaza
Emmanuel Macron Calls for Snap Election
Jordan Bardella: Young Far-Right Leader Poised for Future Political Influence in France
World's Oldest Privately Owned Book Auctioned for $3.8 Million
Animal Rights Activists Deface King Charles' Portrait in Protest
Dutch Military Intel Uncovers Extensive Chinese Cyber Espionage
Turkish Student Arrested for Using AI to Cheat in University Exam
Rise in Dengue and Other Mosquito-Borne Diseases in Europe Due to Climate Change
EU Elections Overview: Far-Right Gains and Major Political Shifts
Far-Right National Rally Dominates France's EU Vote
Macron Calls Snap Legislative Elections After Far-Right Victory
Far-Right Gains Significantly in EU Election
UK Job Market Shows Signs of Recovery
Orban’s Fidesz Party Wins Majority in Hungary’s EU Elections as New Challenger Emerges
×