In the context of rising oil prices and increased oil production in Saudi Arabia, the US investment bank Goldman Sachs has substantially raised its expectations for Saudi Arabia’s economy growth this year and in 2022.
Goldman Sachs analyst Farouk Soussa said that GDP growth will reach 4.5% this year and 7% in 2022, which is higher than most forecasts. Macroeconomic activity in the industry has rebounded significantly. Production, finance, and construction.
“With oil prices advancing well above $70 a barrel, we see risks to the oil sector as being significantly skewed to the upside and have increased our Saudi oil production assumptions by about 500,000 barrels a day to 10 million barrels by the end of this year, and 10.5 million on average in 2022,” Farouk Soussa spoke.
The new forecast further proves that Saudi Arabia‘s economic recovery will begin in 2021. Earlier this year, the Saudi Ministry of Finance stated that it expects to grow by 3.2% this year. Two months ago, the International Monetary Fund predicted a growth rate of 2.1% to reverse the slowdown caused by the 2020 pandemic.
Goldman Sachs expert Farouk Soussa said that GDP development will arrive at 4.5% this year and 7% in 2022, which is higher than most estimates. Macroeconomic movement in the business has bounced back fundamentally. Creation, money, and development.