Featured by OBG
Saudi Arabia is entering a new phase of Vision 2030, the Kingdom’s long-term development roadmap, with greater emphasis on consolidating and maximising the impact of economic reforms introduced over the past decade. Since the launch of Vision 2030 in 2016, the Kingdom has pursued an ambitious agenda aimed at diversifying and moving away from hydrocarbons and expanding private sector activity. Saudi Arabia is increasingly well positioned to sustain the growth of recent years and drive foreign capital inflows and privatisation, positioning it as a globally competitive investment destination while reinforcing international confidence in the Kingdom’s policy direction.
With a population of over 200m, Nigeria is a large and diversified economy, despite the government’s reliance on oil and gas revenue. While the Covid-19 pandemic and subsequent oil price crash caused a contraction in economic growth in 2020, it also led to rapid digitalisation across commerce, education and communication. This shift is expected to put Nigeria in a favourable position for recovery in the medium term.
The Philippines is one of the world’s fastest-growing nations. Although economic activity slowed during the 2020 Covid-19 pandemic period, stimulus measures, imminent public sector policies and a larger budget are expected to create jobs, generate growth and help kick-start the country’s recovery during 2021.
Sharjah has one of the most diversified economies in the UAE, with a strong foundation in industry and manufacturing. Approximately 95.8% of its economic activity was derived from non-oil sectors in 2019, positioning the emirate to absorb much of the impact of the Covid-19 pandemic.
With one of the biggest consumer markets in the region and robust fundamentals, Egypt is well placed to attract international investment and emerge from this difficult period in a strong position. Although the Covid-19 pandemic has caused considerable disruption, the government’s ongoing reform efforts have helped to mitigate the worst effects of the crisis.
The economic downturn resulting from lower global commodity prices and the completion of the PNG LNG project means the future of Papua New Guinea must be navigated with care. The country possesses plentiful natural resources, which, given effective management, could provide new revenue to spur diversification, as well as sustainable and equitable growth in all provinces.
