World Bank expects Saudi economy to grow by 2.2% in 2023

17/05/2023 Argaam

World Bank expects Saudi economy to grow by 2.2% in 2023

The Kingdom of Saudi Arabia's flag

The World Bank lowered its forecast for real GDP growth in Saudi Arabia to 2.2% in 2023, compared to its previous estimate of 2.9% last April. 

 

The bank stated, in a report, that Saudi Arabia’s non-oil GDP is projected to rise by 4.7% during 2023, while the oil GDP is estimated to retreat by 2%. 

 

Saudi Arabia’s inflation is forecast to hit 2.4% in 2023, while debt-to-GDP ratio to record 24.6%.

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