The rich countries now facing a much poorer 2022

Saudi Arabia is one of just a few countries to have had its forecast upgraded by the OECD. With oil prices up 73% since the beginning of the year chiefly due to the war in Ukraine, the leading producer has been raking it in. Unsurprisingly, the Middle Eastern nation recorded the fastest growth in the G20 during the first quarter of the year, with the rate expected to average an impressive 7.8% in 2022, outpacing every other major economy.