OECD latest body to project Saudi Arabia GDP growth to top G20 nations  

In the ‘OECD Global Economic Prospects 2022’, the intergovernmental body said the Kingdom’s GDP is expected to grow by 6 percent in 2023. (Shutterstock)
Short Url
Updated 18 October 2022
Follow

OECD latest body to project Saudi Arabia GDP growth to top G20 nations  

RIYADH: Saudi Arabia’s gross domestic product is expected to grow at 9.9 percent this year, registering the highest growth among the Group of 20 countries, according to an economic outlook report released by the Organisation for Economic Co-operation and Development. 

In the ‘OECD Global Economic Prospects 2022’, the intergovernmental body said the Kingdom’s GDP is expected to grow by 6 percent in 2023. 

The OECD noted that Saudi Arabia’s accelerating economic growth comes at a time when the global economy is facing multifarious challenges. This includes the persistence of inflation for a longer period than expected, along with geopolitical tensions like the ongoing conflict in Ukraine, Saudi Press Agency reported. 

Due to these challenges, OECD also lowered its expectations for the global economy's performance in 2023 from 2.8 percent to 2.2 percent. 

Earlier this month, the International Monetary Fund also echoed similar views on Saudi Arabia’s economic growth, as the US-based financial agency also projected the Kingdom to be the fastest-growing economy among the G20 nations in 2022 at 7.6 percent. 

The forecast for Saudi Arabia is in contrast with the IMF’s earlier expectations released in January 2022, when it said that the Kingdom’s GDP will witness a growth rate of 4.8 percent.

For the year 2023, the IMF kept its forecast for the Kingdom’s economic growth at 3.7 percent. 

Meanwhile, the World Bank also projected Saudi Arabia’s economic growth to accelerate to 8.3 percent in 2022. 

In its report released earlier in October, the World Bank noted that the Kingdom's economic growth will moderate to 3.7 and 2.3 percent in 2023 and 2024, respectively. 

According to the World Bank report, the oil sector will be driving Saudi Arabia’s economic growth as the output is estimated to grow by 15.5 percent in 2022. It also added that the non-oil sector is expected to continue its growth trajectory estimated at 4.3 percent this year.

“The Saudi Arabian economy is on an accelerated growth path in 2022; driven by higher oil and non-oil activities as the oil sector strengthens and pandemic pressures fade,” wrote the World Bank in the report.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
Follow

Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.