World Bank raises Saudi GDP growth forecasts to 1.8% in 2018

Saudi Arabia's gross domestic product (GDP) is expected to grow to 1.8 percent this year, up 0.6 percent from previous estimates, the World Bank said in its Global Economic Prospects report issued in June.

Meanwhile, the World Bank maintained its outlook for the Saudi GDP growth by 2.1 percent in 2019.

Forecasts for 2020 have been revised upward to 2.3 percent from 2.2 percent reported in January.

"GDP growth in the region is projected to strengthen to 3.0 percent in 2018, and rise slightly higher in 2019-2020, with oil exporters continuing their recovery from the collapse of oil prices, and oil importers experiencing a smaller acceleration. The outlook assumes continued policy reforms and oil prices remaining above their 2017 average," the report said.

Economic growth among GCC states is forecast to accelerate to 2 percent this year and to 2.7 percent in 2019, supported by an increase in fixed investments and improved demand.