Saudi Arabia

Saudi Arabia – February 2022

Saudi Arabia is the largest economy in the Middle East, North Africa and Pakistan (MENAP) region, and the world’s largest exporter of oil. Saudi Arabia outperforms most of the MENAP region on per capita income, creditworthiness and ease of doing business. The reliance on oil to drive output, jobs and fiscal and foreign-currency revenue leaves the country vulnerable to swings in oil production, demand and prices. Saudi Arabia remains committed to implementing reforms to diversify its economy away from oil through its Vision 2030 Program.

The above chart is a cobweb diagram showing how a country measures up on four important dimensions of economic performance—per capita income, annual GDP growth, business climate rank and creditworthiness. Per capita income is in current US dollars. Annual GDP growth is the five-year average forecast between 2022 and 2026. Business climate is measured by the World Bank’s latest Ease of Doing Business ranking of 190 countries. Creditworthiness attempts to measure a country's ability to honour its external debt obligations and is measured by its OECD country credit risk rating. The chart shows not only how a country performs on the four dimensions, but how it measures up against other countries in the region.