World Bank expects Saudi economy to grow by 3.3% in 2024

The Kingdom of Saudi Arabia's flag

Saudi Arabia's economy is set to grow by 3.3% and 2.5% in 2024 and 2025, respectively, said the World Bank in a report issued today.

 

It pointed out that this growth will be driven by government investments and continued strong activity in the services sector.

 

The bank also reiterated its forecast for the growth of the Saudi economy at 2.2% in 2023, which it announced last May, in light of the decline in the oil sector.

 

Global growth witnessed a slump, said the bank, adding that the risks of financial stress in emerging markets and developing economies are intensifying amid rising global interest rates.

 

It stated that global growth is expected to slow from 3.1% in 2022 to 2.1% in 2023.

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