{"id":87101,"date":"2024-06-12T00:00:00","date_gmt":"2024-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/world-bank-maintains-saudis-economic-growth-forecast-at-2-5-in-2024\/"},"modified":"2024-06-12T00:00:00","modified_gmt":"2024-06-12T00:00:00","slug":"world-bank-maintains-saudis-economic-growth-forecast-at-2-5-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/world-bank-maintains-saudis-economic-growth-forecast-at-2-5-in-2024\/","title":{"rendered":"World Bank maintains Saudi\u2019s economic growth forecast at 2.5% in 2024"},"content":{"rendered":"

The World Bank maintained its forecast on the Kingdom\u2019s economic growth<\/strong> at <\/strong>2.5% this year<\/strong>, according to its Global Economic Prospects report (pdf)<\/a>. The unchanged outlook comes after the multilateral lender slashed<\/a> its growth expectations in April, saying it expects GDP to grow at a 2.5% clip in 2024, down from the 4.1% it had penciled in back in January. <\/p>\n

Picking up steam:<\/strong> The World Bank also kept its forecast for 2025 unchanged, saying it sees the economy growing 5.9% next year. This remains an upward revision from its January 4.2% forecast. The Finance Ministry is targeting GDP growth of 4.4%<\/a> in its budget for this fiscal year, Finance Minister Mohamed Al Jadaan said in December 2023.<\/p>\n

The drop in oil production \u201cconstrained\u201d oil activity across Saudi and other GCC nations<\/strong>, the World Bank said, leading the Saudi economy to contract in 1Q 2024. State statistics agency Gastat data out earlier this week showed GDP contracting during the first quarter of the year, falling 1.7%<\/a> y-o-y to SAR 1 bn. This is a slightly smaller figure than the 1.8% y-o-y drop that the authority had initially forecast<\/a> on the back of a decline in oil activity.<\/p>\n

Non-oil activity will continue to lead the charge as oil output takes a step back<\/strong>, according to the World Bank. \u201cThis growth is attributed to robust non-oil activity, driven by strong private consumption and investment, supported by fiscal and monetary policies. In 2025, a gradual resumption of oil activity is expected to raise growth,\u201d the World Bank said.<\/p>\n

REMEMBER-<\/strong> Non-oil growth is central to the government\u2019s diversification push, designed to reduce the economy's reliance on oil revenues.<\/p>\n

BUT, BUT, BUT\u2026 Fiscal surpluses are expected to continue shrinking in Saudi and other<\/strong> nations <\/strong>on the back of a drop in oil revenues and higher expenditures on mega projects, the World Bank said. The government recorded a budget deficit<\/a> of SAR 81 bn \u2014 2% of GDP \u2014 in FY 2023, compared to a SAR 16 bn surplus in its approved budget for the year. This is in line with an openness by policymakers<\/a> to accept small deficits as the price of continuing to invest in growth.<\/p>\n","protected":false},"excerpt":{"rendered":"

Growth will pick up steam next year following \u201ca gradual resumption of oil activity\u201d<\/p>\n","protected":false},"author":1,"featured_media":87102,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2571],"tags":[27,10,335,336,2593,442],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-gdp","tag-mohamed-al-jadaan","tag-non-oil","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"affbdcc3-297f-4bc8-b91a-6529d9a0471e","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1594.jpg","photo_position":"above","homepage_title":"","full_issue_title":"World Bank sees Saudi\u2019s economic growth at 2.5% in 2024, 5.9% in 2025","related_issue":[87094],"teaser":"Growth will pick up steam next year following \u201ca gradual resumption of oil activity\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.a5e3f7c0-5d5e-4a6a-8aa4-3f8e6c7f74da.mp3"},"yoast_head":"\nWorld Bank maintains Saudi\u2019s economic growth forecast at 2.5% in 2024 - 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