PMI index remains high, Saudi Arabia's economic growth leads the world

Arab News Network reported on February 6 that Saudi Arabia’s Purchasing Managers’ Index PMI climbed to 58.2 in January, the second highest since September 2021. In November 2022, the index reached 58.5, the highest in the past 16 months. highest value. According to the index standard published by S&P Global, a reading above 50 indicates growth, while a reading below 50 indicates contraction. Naif, chief economist at Riyadh Bank, said that the Saudi economy is performing well, making Saudi Arabia the fastest growing country in the G20 group. He said the rise in business confidence in January was largely driven by continued improvement in the business environment, private sector employment, and increased foreign investment following governance and labor market reforms.