Saudi Arabia's Economic Growth Defies Regional Instability

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Saudi Arabia's Economic Growth Defies Regional Instability
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Saudi Arabia's economy demonstrates resilience and growth despite regional conflicts, driven by non-oil sector expansion and strategic distancing from tensions.

Via Middle East Eye Saudi Arabia ’s economy has powered ahead despite Israel’s war in Gaza and Houthi attacks in the Red Sea, suggesting that the kingdom’s efforts to distance itself from regional tensions are paying off, literally. 'Geopolitical events in the Middle East have not had any major impact on the Saudi economy so far,' the International Monetary Fund IMF said in its latest report published on the kingdom’s economy.

Despite tensions over Gaza that have raised concerns about a regional conflict, Saudi Arabia has been focused on economic growth as part of Crown Prince Mohammed bin Salman’s Vision 2030 program, designed to wean the Saudi economy off of petrodollars. The program is bearing fruit. At the end of 2023, Saudi Arabia’s unemployment rate reached a historic low, mainly because of a growth in private sector jobs, the IMF said. Saudi Arabia’s non-oil GDP hit 3.

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