To be honest, the economic as well as military power of the United States in today's world is recognized by everyone. The United States contributes more than any other member country to many global charity, group and organizations. The country donates money in different parts of the world in various disasters or poverty alleviation.
In addition, everyone is weak to the United States from the military point of view. No small military force dares to stand before this nation. No one dares to undermine the United States, considering that even if there is a big one, the losses will be much higher for both states.
But some big states like China, Russia, Japan, United Kingdom, Canada, Germany have such economic power. Lately, Turkey has been in a lot of discussions from the military point of view. Iran is also involved in such weaponry discussions.
Interestingly, Saudi Arabia has friendship with the United States. But we did not have the idea that Saudi Arabia will overtake the United States in terms of economic growth. And that's the idea given by the International Monetary Fund (IMF), the world's largest guardian of finance.
The IMF predicts that in 2022, Saudi Arabia will surpass the United States in terms of GDP growth. The IMF predicted this economic shift in a report published last Wednesday.
Not only that, the organization also said about the percentage of growth of the KSA will increase. According to the information provided by the IMF, Saudi Arabia's gross domestic product (GDP) will increase by 7.6 percent during this period.
The Saudi Arabia, a Muslim-majority country, is experiencing economic growth for the first time in almost a decade. But what happened that there is so much growth all of a sudden?
The IMF has given the answer to this question on sudden GDP growth the KSA-They have made such a mountain of currency by selling oil this year. The great war in Europe gave them this opportunity.
On the other hand, the dominant nation, the United States, will have to deal with high inflation until 2023. The overall GDP growth rate in the country is 2.3 percent, which is almost half of the 5.7 percent GDP growth recorded last year.
In 2020, Saudi Arabia was hit by the Corona pandemic. After overcoming the shock of the pandemic, Saudi Arabia has achieved such a huge economic growth this span of time.
However, at that time the economy of Saudi Arabia had become 3.4 percent; the growth was on the decline. At the same time, the US economy contracted by 2.3 percent.
Oil-rich state Saudi Arabia is likely to be one of the world's fastest-growing economies this year, according to an IMF report. It thanks to sweeping business reforms, higher oil prices and a recovery in manufacturing power from a pandemic-induced slowdown of the country. As a result, it will become more important in global politics.
Many people think that Saudi Arabia spends money on luxury. The IMF's view was therefore that Saudi Arabia's economic condition would depend on whether the country overspends its oil revenues. If it is spent wisely, Saudi Arabia will be able to maintain an average inflation rate of eight percent for two decades.
On the contrary, the US economy has to deal with several adverse conditions at this time. In that report, the IMF noted that the inflation will average 6.6 percent by the end of this year from the current inflation rate of 8.5 percent in the United States.
Read: Turkey Changed its Name to 'Turkiye'.
Saudi Arabia is an important country to the entire Muslim world. Because this country is a holy country with the memory of Prophet Muhammad (PBUH) of Islam-where Muslims go to perform Hajj.
Besides, the language of this country is Arabic and it is an important member of OIC. For these reasons, Saudi Arabia's economic growth is an emotional issue for them. Besides, non-Muslim countries can also be happy with this news - because Saudi Arabia also donates to various countries' disasters and poverty alleviation.