World Bank Revises its Growth Forecast for the Saudi Economy to 5.9%.

RIYADH: In comparison to its previous prognosis, which was 4.2% in January of this year, the World Bank has increased its projection for the expansion of the Saudi economy during the next year, 2025, by around 1.7%, bringing it up to 5.9%. When compared to its predictions in January of last year, which were 4.1%, the bank has decreased its forecast for the development of the Saudi economy during the year 2024 to 2.5%. This is a difference of 1.6%.

These findings are derived from the most recent report on global economic prospects that was published by the World Bank. Due to expansionary public finance policies, the bank also stated that it is anticipated that the private sector in Saudi Arabia that is not related to oil will experience growth of 4.8% during the current year.

The bank also anticipated that the gross domestic product (GDP) per capita in Saudi Arabia would increase by 0.5% during the year 2024. They explained that this is a significant improvement in comparison to the contraction that occurred the previous year, which amounted to 2.8%.

Source: ZAWYA