RIYADH — The World Bank raised its forecast for the growth of Saudi economy during the next year, 2025, by about 1.7% to 5.9%, compared to its previous forecast last January of 4.2%. The bank reduced its expectations for the growth of Saudi economy during 2024 to 2.5%, compared to its expectations last January of 4.1%, a difference of 1.6%. These results are based on the latest World Bank report on global economic prospects. The bank added that Saudi Arabia's non-oil private sector is expected to grow by 4.8% during the current year due to expansionary public finance policies. The bank also expected that the per capita GDP in Saudi to grow by 0.5% during 2024, explaining that it is a noticeable improvement compared to the previous year's contraction, which amounted to 2.8%. The World Bank indicated that Saudi Arabia has succeeded in containing inflation through strict monetary policies and significant support for food and energy.
