Saudi Arabia announced that its gross domestic product had crossed the threshold of $1 trillion for the first time in its history.
Despite the poor human rights situation, and largely due to the ongoing complex oil economy on the world stage, organizations such as the International Monetary Fund and Organization for Economic Development have expressed optimism in recent months about the future of the economy, suggesting the trillion-dollar mark is far from the ceiling. The OECD, for example,
In September, the IMF identified Saudi Arabia as the fastest-growing economy in the G-20 nation coalition. Oil is by far the most visible factor in Saudi Arabia’s success. Saudi Arabia’s national oil company Aramco posted record profits in the second quarter of 2022, Oil prices surged following the full-scale Russian invasion of Ukraine in February 2022 and related sanctions on the Russian fossil fuel industry. The sanctions have limited the supply of oil in the global market, increasing prices. Saudi Arabia has subsequently, both single-handedly andReuters reported on Monday that oil prices surged once again as the market opened after Russia announced it would temporarily ban some fuel exports.
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