The International Monetary Fund (IMF) in their January 2024 World Economic Outlook Update estimated a contraction of –1.1% in the Kingdom for 2023 down from 0.8% just 3 months ago.
A stark contrast to the 8.7% growth seen in 2022; in fact, Saudi Arabia was the fastest-growing economy out of the G20 in 2022.
This contraction can be attributed primarily to the oil sector, where real oil GDP fell by around 7%, likely due to the large cuts in crude oil production in May and July 2023, underscoring the volatility and challenges within the global oil market.
The Evolution of Saudi Arabia Startup Ecosystem 2010-2022
As the KSA Startup Ecosystem continues to evolve, this report serves as an indispensable guide for investors, entrepreneurs, and stakeholders eager to navigate its complexities. The first comprehensive overview of Saudi's startup ecosystem, its history, and its future. The Special Report hosts perspectives and insights from many of the country’s most active investors, highlights new investment trends, critical milestones hit by the Kingdom’s fast-growing startup ecosystem, and spotlights a handful of interesting startups coming out of the Kingdom. It is packed full of insights, data, and opinions from the thought leaders and market-makers in the Kingdom. Readers will gain a deep understanding of the unique factors driving Saudi Arabia's entrepreneurial spirit, the challenges faced by startups, and the opportunities that lie ahead. This report serves as an invaluable resource for anyone looking to navigate and invest in this vibrant and rapidly evolving market.
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