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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.
Morocco’s economy is poised to continue along its trajectory of economic growth, but GDP expansion rates will depend on the policy choices made by the government. Although estimates by the IMF project that annual growth rates will reach 4.5% in 2024, there is still the matter of ensuring that GDP growth translates into improving conditions across all segments of the population.
Trinidad and Tobago is the largest producer of oil and gas in the Caribbean; however, like many hydrocarbon-producing nations worldwide, the slump in global energy prices beginning in 2014 negatively affected broader growth. While there is a need to diversify the economy away from its dependence on hydrocarbons, a number of new oil and gas discoveries in late 2019 appear set to support a short-term recovery in the energy sector and lend financing to the wider economy.
The government of President Nana Akufo-Addo assumed power on a promise to take “Ghana Beyond Aid”, and is pushing ahead with initiatives to formalise the economy, diversify its manufacturing base and overhaul its taxation structure. Ghana’s ability to retain fiscal discipline will be tested, with election-related expenditure expected to increase in the run-up to the 2020 poll.
Bahrain pioneered oil production in the Middle East beginning in the 1930s, establishing the region’s initial framework for the petroleum industry. Some 90 years later oil and gas operations comprise 18% of GDP, with the economy well diversified to host established financial services and industrial sectors, as well as unique tourism offerings.
The year 2020 marks the 50th anniversary of the establishment of the Sultanate of Oman, making it the longest continually independent Arab country in modern history. The year also marks the passing of Sultan Qaboos bin Said Al Said, who died on 10 January. He is succeeded by his cousin and the former minister of culture, Sultan Haitham bin Tariq Al Said.
