World Bank raises its forecast of Saudi economy growth to 5.9%

World Bank raises its forecast of Saudi economy growth to 5.9%

Saudi Gazette reportRIYADH — The World Bank raised its forecast for the growth of Saudi economy during the next year, 2025, by about 1.7% to 5.9%, compared to its previous forecast last January of 4.2%.The bank reduced its expectations for the growth of Saudi economy during 2024 to 2.5%, compared to its expectations last January of 4.1%, a difference of 1.6%.These results are based on the latest World Bank report on global economic prospects.The bank added that Saudi Arabia’s non-oil private sector is expected to grow by 4.8% during the current year due to expansionary public finance policies.The bank also expected that the per capita GDP in Saudi to grow by 0.5% during 2024, explaining that it is a noticeable improvement compared to the previous year’s contraction, which amounted to 2.8%.The World Bank indicated that Saudi Arabia has succeeded in containing inflation through strict monetary policies and significant support for food and energy.
World Bank raises its forecast of Saudi economy growth to 5.9%