Saudi Arabia’s economy will more than treble to US$3 trillion by 2050, making it the 18th largest economy in the world, according to analyst Price Waterhouse Coopers.
The oil-rich gulf state will grow by 230 percent to US$1582bn by 2030 before doubling in the following 20 years, PwC’s biannual The World in 2050 report says.
Saudi Arabia had the 20th largest economy in 2011 but PwC expects the country to record an average annual growth of 4 percent over the next 37 years, making it the seventh fastest growing market worldwide.
Other Middle East economies, including Egypt and Iran, were not included in the top 20 forecast despite oil and gas creating flows of cash in numerous areas.
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