Saudi economy expected to grow 4.7% in 2025, 2026: World Bank

01/12/2024 Argaam
The Kingdom of Saudi Arabia's flag

The Kingdom of Saudi Arabia's flag

Saudi Arabia’s economy is forecast to grow 4.7% in 2025 and 2026 driven by higher oil output, the World Bank (WB) said in a recent report.

 

The Kingdom’s economy is expected to grow by 1.1% in 2024, supported by robust growth in non-oil activities at 4.6%.

 

WB highlighted that Saudi Vision 2030 has spurred significant investments in tourism and renewable energy, alongside strong performance in the retail and hospitality sectors. It also noted a decline in the Kingdom's unemployment rate, indicating a strong labor market.

 

Moreover, challenges related to Saudi Arabia's budget deficit have prompted the Kingdom to continue its fiscal consolidation efforts, particularly by enhancing the generation of non-oil revenues, WB added.

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