| | JUNE 20224 Saudi Arabia registered a stronger-than-expected recovery in 2021. While being on the course of Saudi Vision 2030, the Saudi Arabian economy is leveraging the momentum with an accelerated path to growth in 2022. Saudi Vision 2030 is a strategic framework to reduce Saudi Arabia's dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism. However, the prospects are driven by higher oil prices and non-oil activities as oil production strengthens, and pandemic pressures fade. Having a nominal amount of direct trade with Russia and Ukraine and, in turn, the lesser impact of the conflict have also helped the country pursue a more stable trajectory. On the contrary, the economic fallout on the oil markets due to the war has strengthened Saudi Arabia's medium-term fiscal and external outlooks. Potential risks are any new COVID-19 variants, tighter global financial conditions, and volatile oil prices. According to the World Bank, Saudi Arabia is expected to accelerate to seven percent in 2022 before leveling out at 3.8 percent and 3.0 percent in 2023 and 2024, respectively. Despite the country's ambitious vision of 2030, stronger oil output is the main driver behind the recovery, which is expected to grow by 13 percent in 2022 following the end of the OPEC+ production cuts in December 2022. On the other hand, the non-oil sector is likely to remain on its growth trajectory, estimated at four percent in 2022 and 3.2 percent in the medium term. Saudi, at the moment, is one of the best places on the planet to do business. Do let us know your thoughts.Sujith VasudevanEditorsujith@ceoinsightsindia.comStrong Tailwinds in the Desert Vol 03 · Issue 12 ·JUNE 2022 Publisher Alok Chaturvedi Managing Editor Sujith Vasudevan EditorialKeerthana Kantharaj Sthitaprajnya PanigrahiTanuja Akkannavar Deepawali DuttaAveek Pal Chaudhuri Ananth V Lakshmi G Group Art DirectorAshok KumarNoida Rohit Raghubanshi Garima Anandadvertise@ceoinsightsindia.comEditorial queries editor@ceoinsightsindia.comTo subscribeVisit www.ceoinsightsindia.com/subscribe/ or send emailto subscription@ceoinsightsindia.comCover price is Rs.150 per issue.Editor Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of InfoConnect Web Technolo-gies India Pvt. Ltd. and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2022 InfoConnect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher. Design Suanya Chakraborty Souvik Acharya Rajesh R.BVP - Sales & Marketing Amrit SinghCirculation Manager Magendran PerumalEditorial
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