Riyadh January 10 2024: The World Bank has revised its projections for Saudi Arabia’s economic growth, anticipating a growth rate of 4.1% for the current year. This marks an upward adjustment from the previous forecast of 2.3% made in June 2023.
Despite the extension of voluntary cuts in crude oil output earlier in 2023, the World Bank remains optimistic about the Kingdom’s economic expansion. The institution highlights that investments linked to non-oil activities are likely to play a crucial role in driving future growth, particularly in alignment with the Vision 2030 projects.
In a report released on January 9, the World Bank not only upgraded its expectations for the ongoing year but also foresees a 4.2% growth in the Saudi economy for the year 2025.
