Monday, September 26, 2022

Saudi Arabia to lead economic growth by 2022, according to Ipsos Global Consumer Confidence Index survey

Saudi Arabia has topped the ‘Global Consumer Confidence Index’ ranking of countries with economic growth conducted by Ipsos, giving it a record score for the fourth consecutive month. This index measures the level of consumer confidence and serves as a leading indicator of the overall health of the economy.

Saudi Arabia and China are the only countries whose score is above 70 points. Six other countries show an index above 50: India (63.9), Sweden (54.5), Australia (53.5), the United States (51.7), Canada (50.8) and Mexico (50.2).

In contrast, six countries rank below 40: South Africa (38.7), Japan (38.5), Poland (38.5), Argentina (36.3), Hungary (34.7), and Turkey (27.0). Only five countries have significantly higher scores than in January 2020 before the pandemic: Saudi Arabia (+7.1), India (+4.3), Australia (+2.9), South Korea (+2.2) and China (+1.5).

July is the second month in a row that none of the 23 countries surveyed have recorded a significant increase in their expectations index, which is indicative of consumers’ financial, economic and employment prospects.

Six countries (Hungary, the United States, Israel, Italy, South Korea and Australia) show significant losses in their investment index, which is an indicator of consumer confidence in buying and investing, and their financial position and outlook. Something similar happens with the employment index, as only one country shows significant month-on-month gains while Hungary, Sweden and Argentina show significant declines.

According to the latest IMF update on the world economic outlook published in July, Saudi Arabia is the country in the world that will grow the most in 2022. While world GDP will decline from 6.1% last year to 3.2% in 2022, the Kingdom of Saudi Arabia will grow by 7.6%. Saudi Arabia is followed by India (7.4%), Spain (4%) and Canada (3.4%), with other economies also expected to grow.

Despite significant stimulus that oiled the Saudi economy this year, the country continues to diversify its economy in line with the Vision 2030 project, with which it seeks to develop and improve sectors such as employment, tourism, investment in health and education. , among others; With the aim of reducing its dependence on oil and establishing itself as one of the most powerful economies in the world.

The Global Consumer Index results are based on data from the Refinitiv/Ipsos Primary Consumer Sentiment Index (PCSI), collected in a monthly survey of more than 17,000 adults under the age of 75 in 23 countries via the Ipsos Global Advisor online platform . Survey This survey was done from 24 June to 8 July 2022.

Nation World News Desk
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