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Saudi Arabia, the region’s largest economy, is progressing towards diversification under Vision 2030. The digital economy is a standout performer, contributing 14% of GDP, while government-led giga-projects open long-term opportunities across various sectors. Despite a dip in oil activities that reduced the current account surplus to 3.2% in 2023, tourism income surged by 38%, boosting the service trade surplus to a record high. The Kingdom’s economy is forecast to grow by 4.6% in 2025. Saudi Arabia offers a dynamic business environment, attracting both large corporations working with government entities and smaller companies leveraging private sector activity. Key sectors like banking, energy and construction are thriving, driven by strategic investment and reforms.
Following a landmark peace agreement and a late-2016 tax reform package, 2017 looks to be a year of significant promise for Colombia. The country has been in recovery since the 2014 collapse in oil prices, which predominantly affected exports, government revenues and the exchange rate. However, with the external sector acting as a shock absorber, the authorities helped ensure that domestic demand was able to pick up some of the slack.
Despite gloomy global trade forecasts, the Philippines’ strong macroeconomic fundamentals, competitive geographical and labour force advantages, and rising domestic consumption bode well for future trade and investment.
The past two years have seen the Tunisian economy follow a gentle upward trajectory – one that falls short of the pace of expansion needed to reduce poverty and improve the revenue base, but that nonetheless exhibits a marked improvement over previous years.
Even amid a broader downturn in many African markets, Kenya has consistently been one of sub-Saharan Africa’s most reliable performers.
After years of strong economic growth and surging foreign direct investment, Vietnam today is emerging as a key middle-income country in the South-east Asian political and economic sphere. A nation of ancient traditions with a youthful and energetic population, Vietnam is also moving through a period of additional economic reforms, while continuing to leverage its strategic location and strong international relations to further boost its rapidly growing overseas trade activity.