Wednesday, 08 December 2021 03:30 GMT

World Bank improves Saudi Arabia’s 2022 growth forecast to 4.9 percent


(MENAFN) The World Bank altered Saudi Arabia’s 2022 growth estimation from 3.3 percent to 4.9 percent.

The Kingdom’s development is going to partly be led by an important recover in the oil sector in 2022 after OPEC+ production cuts that are in place until December 2021, according to its October’s economic update for the Middle East and North Africa region.

The World Bank report promoted Saudi Arabia’s exports development by more than double from 4.7 percent to 9.6 percent.

The Kingdom’s industrial output is now estimated to increase by 5.4 percent, up from April’s forecast of 2.4 percent.

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