The Kingdom of Saudi Arabia's flag
The World Bank maintained Saudi Arabia’s 2021 growth forecast at 2.4% and raised it for 2022 to 4.9% compared to the previous expectation of 3.3%.
In a statement, the bank said the Kingdom would record 2.3% economic growth in 2023, compared to the previous forecast of 3.2%.
It added that the oil sector will likely witness strong recovery, which will reflect positively on exports.
The non-oil business is also expected to benefit from the large number of vaccinated persons against coronavirus, as well as accelerated investments, the bank said.
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