Beltone Financial expects the Saudi economy to grow by 8.3% in 2022, supported by strong growth in the oil economy.
According to Arab Net, Beltone predicted in its report that the Saudi oil economy will grow by 15.3% in 2022.
She pointed out that the recent support package, the return of pilgrims, and the increasing employment of citizens are factors that support the growth of internal spending.
Beltone expected that the inflation rate in the Kingdom would remain at 2.5% this year, which is lower than international rates.
It also predicted that the Kingdom would record a budget surplus of 7.6% of GDP this year, in addition to recording the current account in the Kingdom a surplus of 17.5% of GDP in 2022.
A Reuters poll showed that the economy of the Kingdom of Saudi Arabia will grow at the fastest pace in more than a decade at 7.6% in 2022, noting that the last poll, which was conducted in April, had expected the economy to grow by 6.3%.
The poll also expected the economy to grow by 3.3% next year.
Moody's, the credit rating agency, had expected the Kingdom's economy to grow at an average rate of about 3.9% during the years 2022 to 2026.
In an interview with Al-Arabiya, a member of the Saudi Economic Association, Muhammad Al-Omran, said that the internal factors of the Saudi economy are very good, adding that the International Monetary Fund and Beltone expect a growth of more than 8% of the gross domestic product.
Al-Omran stated that the first quarter of this year recorded a strong growth of 9.6% for the Saudi economy.
He pointed out that inflation is one of the lowest global rates in the Kingdom, which means that the internal factors in the economy are supportive.
