Continued: “The world’s largest economies by 2050” (Saudi Arabia)

In January 2024 the International Monetary Fund said that Saudi Arabia had joined Argentina at the bottom of the G20 list because of slowing economic growth. As I noted above, the country’s GDP is falling because oil production has been cut under OPEC and OPEC+ agreements (in order to support oil prices) and because oil prices on world markets have dropped, since oil accounts for up to 40-45% of the country’s GDP. Yet, as data from the country’s General Authority for Statistics show, the non-oil market is rapidly increasing its share of GDP. Growth in the non-oil sector is tied to the implementation of the national strategy Saudi Vision 2030, adopted in 2016 by Prince Mohammed bin Salman.