RIYADH: Saudi Arabia ranked as the top spender per capita on energy subsidies among the G20 economies in 2022, with a significant expenditure of $6,996, according to a recent report published by the International Monetary Fund (IMF).
The data from the report indicated that in the same year, Saudi Arabia allocated 27 percent of its gross domestic product (GDP) toward subsidies for fossil fuels, totaling a substantial $253 billion.
In comparison, China, another prominent G20 member, claimed the highest expenditure among the group in 2022 for both implicit and explicit subsidies, reaching a staggering $2.2 trillion.
Following China’s lead were the United States and Russia, with recorded spending of $757 billion and $421 billion, respectively, on implicit and explicit subsidies.
The report sheds light on the varying levels of energy subsidy spending among the world’s major economies.
