PWC – Saudi Economy Watch

The PWC's Saudi Economy Watch highlights the significant changes that Saudi Arabia has experienced in recent years due to Vision 2030. This publication serves as an analysis of the Kingdom's economic trends and supplements the ongoing Middle East Economy Watch series. PWC's assessment of the Saudi economy reveals that it has performed well in comparison to the 14 economic targets set by Vision 2030. Some areas, such as female labor participation and home ownership, have shown significant improvement, while others, such as foreign direct investment and religious tourism, still require attention. However, signs indicate that these areas will improve in the future. The International Monetary Fund (IMF) Executive Board has praised the ongoing economic transformation in Saudi Arabia, supported by the commendable reforms under Vision 2030. The report not only provides a long-term development progress overview but also delves into the latest economic trends. While the overall GDP growth is expected to be modest due to oil production cuts, it is still projected to be 14% larger than in 2019. In comparison, some Gulf states have only just recovered to their pre-COVID-19 levels. Changes in oil production, fluctuating prices, and increased expenditure have resulted in a different fiscal outlook for 2022. However, the fiscal situation is currently stable, indicated by a series of credit rating upgrades this year, and non-oil revenue continues to grow strongly.