Saudi Arabia will rank as the sixth richest economy internationally and the first regionally in terms of Gross domestic product (GDP) in 2050, according Citibank's forecasts, Arabian Business reported on Sunday.
It is Singapore that will top the worldwide rankings with $137,710, then Hong Kong at $116,639, Taiwan $114,093, South Korea $107,752 and the U.S. $100,802 rounding out the top five, the Citibank report said.
After Saudi Arabia’s sixth rank, Canada will come seventh with $96,375, the UK $91,130, Switzerland $90,956 and Austria $90,158, to conclude the top ten.
It is Singapore that will top the worldwide rankings with $137,710, then Hong Kong at $116,639, Taiwan $114,093, South Korea $107,752 and the U.S. $100,802 rounding out the top five, the Citibank report said.
After Saudi Arabia’s sixth rank, Canada will come seventh with $96,375, the UK $91,130, Switzerland $90,956 and Austria $90,158, to conclude the top ten.
Citibank’s report revealed that Saudis will have an average wealth of $98,311 by 2050, which is almost four times the current rate of $24,200 GDP per capital.
The report also found that world GDP will increase from $72 trillion in 2010 to $380 trillion by 2050 and will grow by 4.6 percent per annum until 2030 and by 3.8 percent between 2030 and 2050.
“Developing Asia and Africa will be the fastest growing regions, in our view, driven by population and income per capita growth, followed in terms of growth by the Middle East, Latin America, Central and eastern Europe, the CIS, and finally advanced nations of today,” Arabian Business quoted the report.
"Saudi Arabia’s non-oil sector will play an increasingly vital role for the economy, as the government’s initiative to diversify the economy away from the hydrocarbon sector will bolster private consumption and gross fixed capital formation [GFCF]."
Saudi Arabian economy is expected to grow by 3.9 percent in 2011 as the Saudi government plans to spend around $155 billion in 2011 alone, investing in education and infrastructure.
However, BMI analysts said that persisting weak credit growth will pose risks to the country’s growth potential unless a mortgage law is passed to ease the problem.
The report also found that world GDP will increase from $72 trillion in 2010 to $380 trillion by 2050 and will grow by 4.6 percent per annum until 2030 and by 3.8 percent between 2030 and 2050.
“Developing Asia and Africa will be the fastest growing regions, in our view, driven by population and income per capita growth, followed in terms of growth by the Middle East, Latin America, Central and eastern Europe, the CIS, and finally advanced nations of today,” Arabian Business quoted the report.
"Saudi Arabia’s non-oil sector will play an increasingly vital role for the economy, as the government’s initiative to diversify the economy away from the hydrocarbon sector will bolster private consumption and gross fixed capital formation [GFCF]."
Saudi Arabian economy is expected to grow by 3.9 percent in 2011 as the Saudi government plans to spend around $155 billion in 2011 alone, investing in education and infrastructure.
However, BMI analysts said that persisting weak credit growth will pose risks to the country’s growth potential unless a mortgage law is passed to ease the problem.
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