Sep 26th - 1 Min Read
Saudi Arabia Celebrated Its 92nd National Day With a Stronger Economy
By:On 23 September, Kingdom of Saudi Arabia celebrated 92nd Saudi National Day with its finest economy ever. The Kingdom has maintained its economic growth over the past years mainly depending on its natural resources. Saudi’s economy has grown by %12.2 in Q2 that is the topmost in the last 11 years.
Saudi Arabia has a vision to avoid its dependence on oil revenues by 2030, likewise its non-oil economy has developed by %5.4. It should be mentioned that Saudi's oil reserves are the second highest in the world. On the other hand, the Kingdom seeks to develop its tourism sector by attaining 100 million visitors per annum. Inflation has hit numerous countries nowadays, but Saudi Arabia does not experience it like other countries due to its growing economy as it has one of the lowest inflation rates among G-20 countries.
The progress of Saudi Arabia’s economy has been remarkable in the Middle East, and it is on an accelerated track. The country’s great relationship with the United States of America resulted in a tremendous development in its economy with the fact that it is “the largest trading partner” to Americans in the Middle East. Saudi crown prince Mohammed Bin Salman sets the strategy for the Kingdom’s economic growth.