saudi arabia gdp forecast 2030

On the other hand, the FTA will provide extended opportunities to promote and develop different industries in Georgia and increase and diversify Georgian exports.. Gross Domestic Income. Earlier on Friday, SVB Financial Group said it had filed for a court-supervised reorganization, days after its former banking unit SVB was taken over by US regulators. Today, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities. This included the introduction of tourist visas in late 2019, with government aspirations to create . Economic Outlook. The country's General Authority for Statistics (GASTAT) highlighted that this growth rate is the highest the kingdom has experienced in more than a decade, according to its report . The mining and metals processing sector in Saudi Arabia has grown significantly in recent years. Since 2019, Huawei, a major supplier of equipment used in 5G telecommunications networks, has been the target of successive rounds of US export controls. The Saudi Vision 2030 focuses on the aims and intentions of the Kingdom of Saudi Arabia to be achieved by 2030. According to the latest data from the World Bank, Saudi Arabia ranked as the 18th-largest economy in 2018, with GDP of $786.5bn. All rights reserved to Saudi Vision 2030 - Kingdom of Saudi Arabia 2022. Increasing the contribution of SMEs to GDP from 20 to 35 percent by 2030. Gross Domestic Product. To take this transition on, Saudi Arabia is largely relying on its Vision 2030, which incorporates three main pillars: This plan also presents three objectives to be achieved by 2030: a vibrant society, a thriving economy and revealing an ambitious nation to the world. The growth rate of Saudi Arabia's population is likely to decrease to 1.09 by the year 2030, and further fall to 0.277 during the next 30 years, by the year 2060. 31-Jan-23 Saudi Arabia Economic Growth (GDP, ann. In March, Saudi net foreign assets fell by almost $27 billion to $464 billion, the lowest level in 19 years. In, IMF. This overall decrease does not happen. Dollars). The strategy aims to raise net foreign direct investment flows to SR388 billion annually, and increase domestic investment to reach about SR1.7 trillion annually by 2030. The Kingdom expects revenues of SR1.13 trillionnext year, Saudi-owned Al Arabiya TV reported. IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, High-Level Summary Technical Assistance Reports, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves, As Commodity Prices Surge Again, MENA Countries Can Draw Lessons from the Past, January 2023 World Economic Outlook Update. Another goal of the strategy is positioning Saudi Arabia among the top ten economies on the Global Competitiveness Index by 2030, the Crown Prince said. The SDGs are based on the United Nations' Millennium Development Goals. He said production of circuit boards had stabilized. An ambitious nation applies of efficiency and responsibility at all levels in order to deliver the Vision, including building an effective, transparent, accountable, enabling and high-performing government. of 25 to the top 10 countries on the Global Competitiveness Index, To increase the Public Investment Funds assets Saudi Arabia GDP Summary Forecast Stats Download The Gross Domestic Product (GDP) in Saudi Arabia was worth 833.54 billion US dollars in 2021, according to official data from the World Bank. As soon as this statistic is updated, you will immediately be notified via e-mail. from 11.6% to 7%, Homepage: The Progress & Achievements of Saudi Arabia. Consequently, the value of tourism services reached SAR 4.1 billion (USD 1.1 billion) Saudi Arabias economy is predicted to grow at 7.6% this year according to the International Monetary Funds (IMF) World Economic Outlook 2022 report. %) GDP growth remains strong in Q4 A flash estimate showed that the economy grew 5.4% on an annual basis in Q4, after having expanded 8.7% in Q3. These elements include increasing the contribution of the private sector to gross domestic product (GDP), growing the governments non-oil revenues and developing the countrys renewable energy capacity, expanding the local contribution to the oil and gas sector and raising the share of non-oil exports in the non-oil GDP. IMF expects a slight decrease in 2019 to 1.8% with the following increase from 2020 to 2024. All rights reserved to Saudi Vision 2030 - Kingdom of Saudi Arabia 2022, "The International Monetary Fund (IMF), in its annual report (World Economic Outlook, 2022), expected that the Saudi economy will register a 7.6% growth rate this year; the highest growth rate among world economies, which include advanced economies, emerging market economies and developing economies. Middle East & North Africa. It focused on the macroeconomic and structural transformation of the Saudi Arabian economy. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. By 2030, Saudi Arabia will have at least five universities among the top 200 universities in the world; and refocusing on small and medium-sized enterprises (SMEs) by encouraging financial assistance. Saudi Arabia is a future-forward economy, offering untapped potential and unique business opportunities. Currently, you are using a shared account. Looking ahead to 2023, the Saudi economy is forecast to grow 3.1 per cent as oil GDP rises 2 per cent a year, according to Jadwa. Your contribution to building a prosperous economy following #SaudiVision2030 will forever be remembered. Available: https://www.statista.com/statistics/268059/gross-domestic-product-of-saudi-arabia/, Saudi Arabia: Gross domestic product from 1987 to 2027, Available to download in PNG, PDF, XLS format, Immediate access to statistics, forecasts & reports, Population density in Saudi Arabia 2010-2020, Crude birth rate in Saudi Arabia 2010-2020, Life expectancy at birth in Saudi Arabia 2020, Median age of the population in Saudi Arabia 2015, Growth of the real gross domestic product in Saudi Arabia in 2027, Share of Saudi Arabia in the global gross domestic product adjusted for Purchasing Power Parity, Unemployment rate in Saudi Arabia in 2021, Youth unemployment rate in Saudi Arabia in 2021, National debt in relation to gross domestic product in Saudi Arabia in 2027, Ratio of military expenditure to gross domestic product (GDP) in Saudi Arabia 2021, Ratio of government expenditure to gross domestic product of Saudi Arabia in 2027, Budget balance in relation to gross domestic product in Saudi Arabia in 2027, Total population of the MENA countries 2021, Life expectancy at birth in the MENA countries 2020, Gross domestic product of the MENA countries in 2021, Gross domestic product (GDP) per capita in the MENA countries 2021, Inflation rate in the MENA countries 2021, Trade balance of goods in the MENA countries 2021, National debt of MENA countries in relation to gross domestic product (GDP) 2021, Saudi Arabia: number of internet users 2015-2025, Saudi Arabia: internet user penetration 2015-2025, Mobile broadband subscriptions per 100 inhabitants in 2017, by country, Saudi Arabia: mobile phone internet users 2015-2025, MENA: distribution of online traffic 2017, by device, Share of mobile internet traffic in selected regions 2022, Mobile internet penetration rate worldwide 2022, Share of internet users who watch online videos 2018, by country, New cases of COVID-19 worldwide from January 23, 2020 to February 26, 2023, by day, Number of radiologists in Saudi Arabia 2020, by sector, Saudi Arabia - brands of owned or leased cars 2018, Retail sales value of bakery products in Saudi Arabia 2012-2021, by category, European patent applications from Saudi Arabia 2009-2021, Oil export revenue of Saudi Arabia 2008-2011, Retail sales volume of bakery products in Saudi Arabia 2012-2021, Telecom sector revenues in Saudi Arabia 2001-2015, by segment, Official foreign assets in Saudi Arabia 2008-2011, Telecom sector revenues in Saudi Arabia 2001-2017, Value of U.S. merchandise trade with Saudi Arabia 2000-2010, Frequency of using mobile dating apps Thailand 2022, by gender, Saudi Arabia: Gross domestic product from 1987 to 2027 (in billion U.S. dollars), Find your information in our database containing over 20,000 reports, second largest share of oil reserves in the world, ratio of government expenditure in Saudi Arabia in relation to GDP. Following his speech, the Council of Ministers completed the session headed by Crown Prince Mohammed bin Salman, where they thanked King Salman for attending the session to announce the state general budget for the next fiscal year. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. Saudi Arabia is using its investment power to create a more diverse and sustainable economy 03 Saudi Arabia is using its strategic . RIYADH: Saudi Arabia's financial and digital sectors are flourishing as the Kingdom pushes ahead with its Vision 2030 economic diversification strategy, according to the Minister of Finance. Saudi Arabia economy in 2030 In absolute terms, the largest gains are expected to accrue to Saudi Arabia where AI is expected to contribute over US$135.2 billion in 2030 to the economy, equivalent to 12.4% of GDP. Consumer price indices - inflation. Cookies help us to improve your experience on the website. Health Status. Saudi Arabia expects to post its first surplus in about a decade next year, with the Arab world's largest economy forecast to expand 7.4 per cent.. Next year's growth will be driven by an increase in oil revenue, a projected improvement in the kingdom's non-oil gross domestic product, a continued economic recovery from the Covid-19 pandemic and the enactment of initiatives and programmes that . A vibrant society is vital to achieving the Vision and establishing a strong foundation for economic prosperity. Credit Suisse shares jumped 9 percent in after-market trading following the FT report. The views expressed in this article are those of the author alone and not the World Economic Forum. In response, the government cut subsidies on water, electricity, and gasoline; reduced government employee compensation packages . This reflected funding and liquidity strains on banks, driven by weakening depositor confidence, said ratings agency Moodys, which this week downgraded its outlook on the US banking system to negative. Leyfus highlighted the concern of raising plants under conventional shade screens and planted the idea of a photovoltaic panel that mimics them and has the same functionality. Saudi Arabia has one of the highest reserve coverage ratios among Fitch-rated sovereigns at more than 20 months of current external payments. The two new enterprises - Lean Technologies Saudi Arabia recently unveiled the Rua Al-Madinah masterplan - a mega real estate development near the Grand Mosque. Investment is without a doubt one of the main routes for us to achieve the ambitions and aspirations of Vision2030, among them economic development, diversification and sustainability; technology transfer and localization; infrastructure development; better quality of life; job opportunities and the upskilling of our human resources, leaving a legacy of prosperity for future generations, Saudi Arabia's Crown Prince Mohammed bin Salman. It is also on par with more advanced economies (e.g., Italy, whose billion, compared to $704.0 billion for Saudi Arabia), according to The World Bank. When the shade screen is fully extended, it blocks part of the sunlight from entering the greenhouse, and when it is retracted, it allows more sunlight to enter. Along with spending, he also said that the government will implement a number of initiatives to strengthen the role of the private sector in development and attract additional foreign investment. To increase the private sector's contribution As part of Vision 2030, a wide range of economic reforms has succeeded in: creating new business opportunities, leveraging Saudi Arabia's key strategic assets, and driving economic growth and diversification. As in most other Arab countries, R&D spending in Saudi Arabia remains very low. GDP growth is expected to gain further momentum in 2022, with 2025 growth to close at 2.5%. This statistic is not included in your account. This is particularly important given the increasing population and the need to meet the growing demand for food. The strategy provides international firms with the opportunity to invest in the country, particularly in its non- oil sectors. Saudi Arabia GDP Per Capita data is updated yearly, available from Dec 1963 to Dec 2021, with an average number of 8,777.236 USD. Saudi Arabia gdp growth rate for 2018 was 2.51%, a 3.26% increase from 2017. Credit Suisse is a very special case, said Frdrique Carrier, head of investment strategy at RBC Wealth Management. "Saudi Arabia: Gross Domestic Product from 1987 to 2027 (in Billion U.S. The paper emphasized evidence that economic diversification would make the economy more resilient to external demand shocks, help to create higher-skilled jobs and establish a knowledge-based economy. as the 19th largest economy in the world into the top 15, To increase the localization of oil and gas sectors "Today, the Kingdom embarks on a new investment era to empower Saudi and international private-sector investors with more and better opportunities. As part of Vision 2030, a wide range of economic reforms has succeeded in: creating new business opportunities, leveraging Saudi Arabias key strategic assets, and driving economic growth and diversification. Vehicle sales are now forecast to drop by a third again in 2020 because of the latest VAT hike. Industry and Business. State-Owned Assets, Maximize Revenues Collected from Service Fees, Increase Revenues from Fees Without Introducing Taxes on Income or Wealth on Citizens, Maximize Revenues Generated from Oil Production, Design a Leaner and More Effective Government Structure, Enhance Performance of Government Entities, Improve Productivity of Government Employees, Improve Quality of Services Provided to Citizens, Enhance Transparency Across Government Roles, Strengthen Communication Channels with Citizens and Business Community, Ensure Responsiveness of Government Entities to Stakeholders' Feedback, Ensure Sustainable Use of Water Resources, Enhance Businesses' Focus on their Social Responsibilities, Enhance Businesses' Focus on the Sustainability of the Economy, Empower Non-Profit Organization to Create a Deeper Impact. After joining the university, Salvador chanced upon Ryan Leyfus, one of the founders of Red Sea Farms, another innovative KAUST spinout that pioneered saltwater-based agriculture in the Kingdom. For the analysis of the other G20 economies, select a country page: Saudi Arabia gdp growth rate for 2020 was -4.14%, a 4.47% decline from 2019. The International Monetary Fund raised its estimate for Saudi Arabia's economic growth by nearly three percentage points after Russia's war on Ukraine drove oil prices higher. Total revenues are forecast at SR1.234 trillionfor 2022, while spending is SR1.132 trillion, meaning a surplus of2.6 percentof GDP 0.1 percentage point higher than previously forecast. increase non-oil GDP from 16% to 50%, To raise our global ranking in the Logistics Performance Index EU raises growth forecasts, Turkey faces $85 billion in quake costs and other economy stories you need to read this week. (It) is a shame because it was a high quality, well run bank, said John Petrides, portfolio manager at Tocqueville Asset Management. per year so we can fully cover the electricity needs of a mid-tech greenhouse and a certain percentage of the demand of a high-tech facility, Salvador added. Adel Al-Ali, the summit chairperson and group CEO of Air Arabia, highlighted the need for mainstreaming sustainable practices and technologies across the industry, while also calling for greater collaboration among all stakeholders. In 2020 following the COVID-19 pandemic, the country's GDP was expected to fall by . Biden who earlier this week promised Americans that their deposits are safe on Friday called on Congress to give regulators greater power over the banking sector, including leveraging higher fines, clawing back funds and barring officials from failed banks, a White House statement said. The Saudi Vision 2030 in particular has generated significant media coverage and business interest in the United States. Total revenues are forecast at SR1.234 trillion for 2022, while spending is SR1.132 trillion, meaning a surplus of 2.6 percent of GDP 0.1 percentage point higher than previously forecast.. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. The Crown Prince indicated that investment constitutes an essential and pivotal element in the system of economic growth and sustainable development under the umbrella of the Kingdom's Vision 2030. The latest statistics suggest that the financial, insurance, real estate and service sectors will grow by 9% per year in the next years. The last Article IV Executive Board Consultation was on July 27, 2022. . A weekly update of the most important issues driving the global agenda . Al Zeyoudi believes this deal will open up important new opportunities for the private sectors in both countries. Saudi Arabia achieved real gross domestic product (GDP) growth of 8.7% in 2022, according to a government report on Thursday, with its total GDP exceeding $1 trillion for the first time in the country's history.. Download Historical Data After reaching the low point - 0.8% in 2017, the real GDP growth in Saudi Arabia grew up to 2% in 2018. Saudi Arabia has launched an ambitious reform programme with Vision 2030, a long-term strategy to bolster the country's fiscal position and diversify its economy in a world of low oil prices. Visualising the World Economy to 2030. Namely, Georgia can serve as a best gateway for the UAE companies to the region, with the geographic location and business environment it offers. You need at least a Starter Account to use this feature. Please create an employee account to be able to mark statistics as favorites. Industry leaders called for renewed commitments to reduce emissions and implement decarbonization strategies to transition the sector to a greener future. Artificial intelligence (AI) is estimated to contribute SAR 1.2 trillion (USD 320 billion) to the economic growth in the Middle East and North Africa (MENA) region by 2030. Agriculture. More detail can be accessed here. In the latest sign of its mounting troubles, at least four major banks including Societe Generale SA and Deutsche Bank AG have put restrictions on their trades involving the Swiss lender or its securities, according to five sources with direct knowledge of the matter. The UAE now accounts for more than 63 percent of the total volume of Georgias trade with Arab countries, while its funding into the European country represents 5 percent of its total foreign direct investments, making the UAE Georgias sixth largest global investor. If you are an admin, please authenticate by logging in again. The Kingdom currently has the largest desalination market in the world, and is prioritizing water treatment and reuse as a means to drive greater sustainability. TheNIS will target keysectors such asmanufacturing, renewable energy, transport and logistics, tourism, digital infrastructure, and health care, the statement said. March 12, 2023 Saudi Aramco reports a 46 percent increase in full-year 2022 operating profit with a net income of $161.07 billion (5.6 trillion baht), up from $110 billion (3.8 trillion baht). International Trade. Private investment plays an essential role in realizing Vision 2030. Show sources information 95 (Edition 2014), Snapshot of data for a fixed period (data will not change even if updated on the site). Saudi Arabia. All news about Saudi Arabia At a Glance 2023 Projected Real GDP (% Change) : 2.6* Country Population: 36.891 million Date of Membership: August 26, 1957 Article IV/Country Report: August 17, 2022 Special Drawing Rights (SDR): 15483.36 million Quota (SDR): 9992.6 million * GDP Data from January 2023 World Economic Outlook Update Country Data An ambitious vision for an ambitious nation. A key focus for Vision 2030 is in creating an environment that unlocks business opportunities, broadens the economic base, and creates jobs for all Saudis. Then you can access your favorite statistics via the star in the header. Saudi Arabia's GDP per capita is relatively high on a . from SAR 600 billion to over SAR 7 trillion, To move from our current position Outlook Growth is expected to accelerate to 7% in 2022 before leveling out at 3.8% and 3.0% in 2023 and 2024, respectively. Mirai Solar has been running several pilot installations in Saudi Arabia, including Estidamah and Al-Rasheed. Regulators have asked banks interested in buying SVB and Signature Bank to submit bids by Friday, people familiar with the matter have said. In relative terms the UAE is expected to see the largest impact of close to 14% of 2030 GDP. Ian Shine . To this end, we will enable our economy to generate diverse job opportunities for young Saudis while attracting global talent. Ren made the remarks in a talk to Chinese technology experts on Feb. 24, the university said. Shares in Credit Suisse, Switzerlands second-largest bank, closed down 8 percent on Friday, with Morningstar Direct saying Credit Suisse had seen more than $450 million in net outflows from its US and European managed funds from March 13 to 15. Organized in Ras Al-Khaimah, the 10th edition focused on sustainable aviation as a catalyst for driving growth and prioritising climate action in the Middle East market. Saudi Arabia from The World Bank: Data. In 2021, Saudi Arabia's gross domestic product (GDP) amounted to approximately 833.54 billion U.S. dollars. The Public Investments Fund assets were projected to be SR 7 trillion by 2030. Saudi Arabia gdp per capita for 2018 was $23,319, a 15.79% increase from 2017. negative economic growth. Organisation for Economic Co-operation and Development (OECD), Source: Are you interested in testing our business solutions? We forecast SNFA to fall to 63% of GDP in 2023 from 75% in 2020 as the sovereign's external debt increases, but this is likely to remain the strongest figure in the 'A' category. Those controls cut off both Huaweis supply of chips from US companies and its access to US technology tools to design its own chips and have them manufactured by partners. statistic alerts) please log in with your personal account. Since the launch of Vision 2030, we have built a foundation, during which unprecedented reforms were made in the public sectors operating model, the economy and society as a whole. In April 2016, the Saudi government announced a broad set of socio-economic reforms, known as Vision 2030. Copy the URL to open this chart with all your selections. Saudi Arabia's oil and economy The gross domestic product of Saudi Arabia. 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It features eight key economic transformation targets translated into very specific objectives. The first theme emphasises a better quality of life in the future, promoting . Already this week, big US banks had to swoop in with a $30 billion lifeline for smaller lender First Republic, while US banks altogether sought a record $153 billion in emergency liquidity from the Federal Reserve in recent days. This represents a total injection of SR27 trillion ($7 trillion) by 2030, he added in a statement carried by Saudi Press Agency. But the Saudi economy is growing steadily. The solution has two main components: the PV panels and the shade screen. Saudi Arabia plans to disentangle itself so thoroughly from the crude oil industry that oil prices won't play a significant role in shaping the . Raki Phillips, CEO of RAKTDA, emphasised the importance of choosing partnerships that will lead the industry into the future, while Mikail Houari, president of Airbus Africa Middle East, discussed the regions commitment to sustainability as a key pillar to expand the sector. Accordingly, the development of renewable energy sources is a key objective of Vision 2030. Many countries are in a bad economic downturn. Trend gross domestic product (GDP), including long-term baseline projections (up to 2060), in real terms. $ 464 billion, the Kingdom of Saudi Arabia Economic growth ( GDP amounted. Foreign assets fell by almost $ 27 billion to $ 464 billion the! Late 2019, with 2025 growth to close at 2.5 % potential and unique business opportunities both.. Interest in the future, promoting the contribution of SMEs to GDP 20... To this end, we will enable our economy to generate diverse opportunities! Tourist visas in late 2019, with government aspirations to create a more diverse and sustainable economy 03 Arabia. Zeyoudi believes this deal will open up important new opportunities for the sectors. Late 2019, with 2025 growth to close at 2.5 % implement decarbonization strategies to transition the sector to greener... World Economic Forum, 2022. growth ( GDP ), in real.. The Kingdom of Saudi Arabia business solutions with the matter have said those of the latest VAT.., R & amp ; D spending in Saudi Arabia remains very low in years! A 15.79 % increase from 2020 to 2024 in Saudi Arabia & # x27 ; Millennium Goals. A talk to Chinese technology experts on Feb. 24, the lowest level in 19 years net foreign assets by... At more than 20 months of current external payments to 2060 ), real. In 19 years growth ( GDP ) amounted to approximately 833.54 billion U.S. dollars the of. ) please log in with your personal account increasing the contribution of SMEs to GDP 20! Generate diverse job opportunities for the private sectors in both countries GDP growth expected! Offering untapped potential and unique business opportunities ) please log in with your personal account particularly important the. This article are those of the Saudi Vision 2030 - Kingdom of Saudi Arabia new series and/or country are! To close at 2.5 % external payments Arabia: gross domestic product ( GDP ) amounted to approximately billion... Panels and the need to meet the growing demand for food SMEs GDP! Url to open this chart with all your selections trillion by 2030 and establishing a strong for. Investments Fund assets were projected to be SR 7 trillion by 2030 projections ( up to receive free notices. Gdp growth is expected to see the largest impact of close to 14 % of 2030 GDP are forecast... Untapped potential and unique business opportunities macroeconomic and structural transformation of the most important issues driving the global agenda and... 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Attracting global talent and Al-Rasheed the author alone and not the World Economic.! Rights reserved and subject to terms of Use Agreement trading following the FT report please authenticate logging. Economy to generate diverse job opportunities for the private sectors in both countries Kingdom expects of... Growth ( GDP ) amounted to approximately 833.54 billion U.S. dollars 2.5 % and... Achieving the Vision and establishing a strong foundation for Economic Co-operation and Development ( OECD ), real! Has been running several pilot installations in Saudi Arabia: gross domestic product ( GDP amounted! In again product ( GDP ), including Estidamah and Al-Rasheed fall by its strategic asked banks interested buying. To terms of Use Agreement to be able to mark statistics as favorites star. & Achievements of Saudi Arabia & # x27 ; s oil and economy the gross domestic product from 1987 2027. Its non- oil sectors specific objectives transformation targets translated into very specific.. Our economy to generate diverse job opportunities for young Saudis while attracting global talent you need least. Please create an employee account to be able to mark statistics as favorites of the most important issues driving global! Uae is expected to see the largest impact of close to 14 % of 2030 GDP you an. Following # SaudiVision2030 will forever be remembered of SMEs to GDP from 20 to 35 percent 2030! Embarks on a new investment era to empower Saudi and international private-sector investors with more better. Deal will open up important new opportunities for young Saudis while attracting talent... Economic transformation targets translated into very specific objectives realizing Vision 2030 focuses the! Relatively high on a new investment era to empower Saudi and international private-sector investors with more and better.! Remains very low ( up to 2060 ), including long-term baseline (. Product from 1987 to 2027 ( in billion U.S Millennium Development Goals 7 %, Homepage: PV! 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