77% of Saudi businessmen expect economy to grow in next 12 months: PwC survey

PwC Middle East's 28th Annual CEO Survey showed that 77% of business leaders in Saudi Arabia expect the local economy to grow over the next 12 months, outpacing their peers in the GCC (71%), the Middle East (64%), and the world (57%).

The Kingdom continues to implement its ambitious plans under Vision 2030, strengthening the investment climate and making it the top destination for regional investments. Non-oil revenue growth increased by 4.9% in the second half of 2024, recording the highest growth rate to date, the report said.

Economic risks for business leaders are changing, as inflation stabilized at 2% by the end of 2024 from its peak of 3.4% in January 2023. However, cybersecurity risks rose to 49%, compared to 20% a year earlier.

The survey also showed that technologies have boosted profitability and revenues for several companies, with two-thirds of CEOs reporting that generative AI helped boost their profits and revenues over the past year. Almost 71% of CEOs expect that technology will continue to increase profitability in the coming year.

As for sustainability, the report showed that 72% of the CEOs invested in environmentally-friendly projects last year, which led to a 72% increase in revenue, compared to 33% globally.

Saudi Arabia is on track to become the second-fastest growing economy in 2025, with a. growth forecast of 6% after India, which is expected to grow by 6.5%, according to the International Monetary Fund.