The World Bank has updated its projections for the growth of the Saudi economy, now anticipating an increase of 5.9% in the year 2025. This revised figure marks a significant uptick from the 4.2% growth predicted earlier in January, showing an enhancement of 1.7%.
Conversely, the forecast for 2024 has been scaled back to a 2.5% expansion from the previously estimated 4.1%, signifying a 1.6% decrease from the initial expectations.
These adjustments are rooted in the findings from the latest World Bank report on global economic prospects.
According to the World Bank, the non-oil private sector in Saudi Arabia is on track to experience a robust growth of 4.8% this year, bolstered by the nation’s expansionary fiscal policies.
Furthermore, it is projected that the per capita GDP in Saudi Arabia will see a 0.5% increase during 2024, which stands in stark contrast to the 2.8% contraction witnessed in the preceding year.
The report also commends Saudi Arabia for its effective management of inflation, attributing this success to stringent monetary policies and substantial subsidies for food and energy.