Saudi Arabia becomes fastest growing G20 economy in 2022

Riyadh: The International Monetary Fund (IMF) has named Saudi Arabia as the fastest growing economy among the G20 countries in 2022.

According to the IMF, Saudi Arabia's non-oil economy grew by 4.9 percent during 2022. The country has made significant growth in non-oil production.

The International Monetary Fund stated that in 2022, Saudi Arabia was the fastest growing country among the G20 countries with an overall growth rate of 8.7 percent, which included oil production and 4.8 percent of non-oil production.

According to IMF, among the non-oil sectors, the best performing sectors are wholesale, retail, construction and transport.

The World Organization's report also stated that the unemployment rate in Saudi Arabia by the end of 2022 also remained at its lowest level of 4.8 percent, which reached 9% during the COVID-19.

IMF has expressed its satisfaction with the empowerment of women in Saudi Arabia and the participation of women in the labor market.