The World Bank has updated its economic forecasts for the Kingdom of Saudi Arabia, predicting a more robust growth than previously estimated for the year 2025. The revised forecast projects an expansion of the Saudi economy by 5.9%, which is a significant increase of approximately 1.7% from the earlier projection of 4.2% made in January.
Conversely, the World Bank has moderated its 2024 growth expectations for the Saudi economy to 2.5%, down from the 4.1% anticipated earlier this year, marking a 1.6% adjustment.
This information stems from the World Bank’s most recent report that delves into the global economic landscape and its future prospects.
Further insights from the World Bank suggest that Saudi Arabia’s non-oil private sector is on track for a 4.8% growth in the current year, spurred by the government’s expansionary fiscal measures.
In terms of per capita GDP, the World Bank forecasts a 0.5% increase for Saudi Arabia in 2024, which signifies a recovery from the previous year’s 2.8% decline.
The report also credits Saudi Arabia’s success in curbing inflation to its stringent monetary policies and substantial subsidies for food and energy sectors.