The World Bank has raised its forecast for the growth of the Saudi Arabian economy in 2025 to 5.9%.
The prediction marks an increase of 1.7% compared to its previous forecast last January of 4.2%, as per its latest “MENA Economic Update” report.
The report predicts that the Kingdom will witness a 0.5% per capita growth during 2024. During that same year, Saudi Arabia’s non-oil private sector is expected to grow by 4.8% in 2024 due to expansionary public finance policies.
The World Bank indicated that Saudi Arabia has succeeded in containing inflation through strict monetary policies and significant support for food and energy.
Last year, Saudi Arabia’s non-oil activities accounted for 50% of the country’s GDP for the first time in the Kingdom’s history, according to data issued by the Ministry of Economy and Planning’s General Authority for Statistics (GASTAT).
As a result, the country’s total non-oil economy was valued at SAR 1.7 trillion($453 billion) at constant prices, driven by continued growth in investment, consumption, and exports.
