A Race to the Top

A Race to the Top

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  • In 2022, Saudi Arabia was recorded to have the highest annual growth rate among the world's 20 largest economies, as reported by the Organization for Economic Co-operation and Development. The Arab world's biggest economy saw an 8.7% expansion due to increased oil prices and the successful operation of its non-oil private sector.
  • Provisional estimates indicate that the economies of G20 countries increased on average by 3.2% in 2022, a decrease from the growth of 6.3% in 2021 when economies were regaining their footing after the initial shock of the COVID-19 pandemic. Followed by the Kingdom, India's economy grew by 6.7%, Turkey's accelerated 5.6%, and Indonesia's expanded 5.3, the OECD noted.

Why it matters

G20 GDP growth slowed in Q4 2022 to 0.3% from 1.4% in Q3, with China's contribution dropping to zero from 3.9%. The decline was due to eased pandemic restrictions and a subsequent spike in infections impacting various sectors.


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