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Saudi Arabia fastest growing G20 member: Expert

Kingdom’s economic and fiscal strategy focuses on attracting investments, combatting unemployment and boosting national economy's competitiveness

Saudi Arabia has the fastest economic growth rate among members of the G20 as its economy expanded by 3.8 per cent in the first half of the current year, according a prominent expert.

The economic and fiscal strategy pursued by the kingdom continues to strengthen the G20 as Saudi Arabia mainly focuses on attracting investments, combatting unemployment and boosting the national economy’s competitiveness, says John Sfakianakis, Middle East director at Ashmore Group.

In remarks published by Al-Madina daily, Sfakianakis adds that the kingdom accounts for 25 per cent of the total gross domestic product of all Arab countries and has roughly $654 billion of financial reserves.

He emphasises that the country’s strategy aims to diversify the economic base and sources of income and improve national productivity.

The expert hailed Saudi Arabia’s policy to support stability in global oil markets – the country is the world’s largest oil exporter.

He also said the Saudi economy provides abundant opportunities of investments to member countries of G20.

Noteworthy, Saudi Arabia’s gross domestic product is estimated at SAR3 trillion mainly coming from the oil and petrochemical sectors.

($1 = AED3.67; SAR1 = AED0.98, at the time of publishing)