Saudi Arabia is charting a new growth course.
Powered in large part by an intent to embolden its non-oil-based economy, the kingdom has marked sustainability, tourism and diversification as key priorities, subsequently unveiling reforms, projects and alliances to set itself on a formidable trajectory of progress.
The year 2019 ended on a high note for Saudi Arabia in the wake of the historic IPO of the world’s biggest oil producer Saudi Aramco that helped raise $29.4bn. Last year, factors such as oil vaulting into negative territory for the first time in history, and the global health crisis caused by the Covid-19 pandemic which resulted in social and economic restrictions did challenge the country’s growth, but the kingdom continued with its mitigating efforts and also embarked on an investment spree.
“The Saudi economy entered the Covid-19 pandemic with strong policy buffers and reform momentum. The authorities responded quickly and decisively to the crisis with a range of fiscal, financial, and employment support programmes that helped cushion the impact of the pandemic on the private sector. As the lockdown eased and the economy recovered in the second half of 2020, the government withdrew or increasingly targeted the temporary fiscal and employment support,” the International Monetary Fund (IMF) said in a statement, after its 2021 Article IV consultation with Saudi Arabia.
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