{"id":92101,"date":"2024-12-02T00:00:00","date_gmt":"2024-12-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/02\/world-bank-revises-down-saudi-growth-forecast\/"},"modified":"2024-12-02T00:00:00","modified_gmt":"2024-12-02T00:00:00","slug":"world-bank-revises-down-saudi-growth-forecast","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/02\/world-bank-revises-down-saudi-growth-forecast\/","title":{"rendered":"World Bank revises down Saudi growth forecast"},"content":{"rendered":"

The World Bank downgraded its forecast for the Saudi economy, now <\/strong>projecting 1.1% growth for this year<\/strong>, compared to the 2.5% it had forecast in May<\/a>, according to the World Bank\u2019s GCC Economic Update<\/a>. Solid growth of 4.6% in the non-oil sector \u2014 a key element of the Kingdom\u2019s ongoing diversification efforts \u2014 is expected to help offset a projected 6.1% contraction in oil GDP due to extended voluntary production cuts<\/a>.<\/p>\n

Major rebound set to follow?<\/strong> The World Bank sees economic growth further accelerating at an average rate of 4.7% during 2025-2026 as oil production recoups to its normal levels. Meanwhile, non-oil activity is expected to grow at a stable 4.5% over the same period.<\/p>\n

The World Bank\u2019s latest numbers are more or less aligned with the government\u2019s <\/strong>projections: <\/strong>The Finance Ministry is targeting 0.8% GDP growth for 2024 and 4.6% for the next fiscal year, it said last week<\/a> in its draft budget statement.<\/p>\n

THE REGIONAL VIEW- The GCC is on track for 1.6% growth in 2024<\/strong>, the World Bank projects, penciling in a stronger 4.2% growth rate in 2025 and 2026, also driven by a 3.7% projected rise in non-oil sectors, according to the update.<\/p>\n","protected":false},"excerpt":{"rendered":"

The lender expects strong growth in the country\u2019s non-oil sector to offset oil GDP contraction<\/p>\n","protected":false},"author":1,"featured_media":92102,"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":[27,10,335,442],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-gdp","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"ffaf370e-3903-4e31-8ce9-abc71f7f698f","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/91.jpg","photo_position":"above","homepage_title":"","full_issue_title":"World Bank revises down forecast for Saudi Arabia\u2019s growth this year to 1.1%","related_issue":[92096],"teaser":"The lender expects strong growth in the country\u2019s non-oil sector to offset oil GDP contraction","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.54cc1114-6966-4d46-94f3-138e5d0a5ff2.mp3"},"yoast_head":"\nWorld Bank revises down Saudi growth forecast - 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