PWC sees USD3tr Saudi GDP by 2050

06 Feb 2013

(MENAFN) A recent report by PricewaterhouseCoopers expected Saudi Arabia’s economy to hit a record USD3 trillion by 2050, making it the 18th largest economy in the world, Arabian Business reported.

The Gulf Kingdom will grow by 230 percent to USD1.582 trillion by 2030 before doubling in the next two decades, according to PwC’s biannual The World in 2050 report.

PwC forecasted the oil rich state to grow by 4 percent over the next 37 years, making it the seventh fastest growing market worldwide. Saudi Arabia occupied the 20th largest economy position in 2011.

However, the growth outlook is tied to its investment, which as a percentage of gross domestic product is expected to be at an average of 11 percent per year until 2025, significantly lower than other economies such as Indonesia (28 percent), France (24 percent), Germany (22 percent), Russia (20 percent), Brazil (19 percent) and the UK (17 percent).

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