World Bank raises Saudi Arabia's GDP growth forecasts to 5.9% in 2025

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The World Bank raised its forecasts for Saudi Arabia's gross domestic product (GDP) growth for 2025 by about 1.7% to 5.9%, compared to its previous estimates of 4.2% in January.

In its "MENA Economic Update" report, the World Bank lowered its growth forecasts for the Saudi economy in 2024 to 2.5%, down 1.6% compared to its previous estimates of 4.1% in January.

It also said that the Kingdom's non-oil private sector is forecast to grow by 4.8% as the fiscal authority takes an expansionary stance, said the report.

It expects the GDP per capita to grow in 2024 by 0.5% in Saudi Arabia, noting a remarkable improvement compared to a contraction by 2.8% in the previous year.

The World Bank also indicated that Saudi Arabia contained inflation through tight monetary policies and extensive subsidies on food and energy