World Bank expects Saudi economy to grow by 2.2% in 2023
- Date: 17-May-2023
- Source: Argaam
- Sector:Financial Services
- Country:Saudi Arabia
World Bank expects Saudi economy to grow by 2.2% in 2023
The World Bank lowered its forecast for real GDP growth in Saudi Arabia to 2.2% in 2023, compared to its previous estimate of 2.9% last April.
The bank stated, in a report, that Saudi Arabia’s non-oil GDP is projected to rise by 4.7% during 2023, while the oil GDP is estimated to retreat by 2%.
Saudi Arabia’s inflation is forecast to hit 2.4% in 2023, while debt-to-GDP ratio to record 24.6%.
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