World bank shifts Saudi’s economic expansion prediction to 4...| MENAFN.COM

Saturday, 21 May 2022 06:52 GMT

World bank shifts Saudi’s economic expansion prediction to 4.9 percent


(MENAFN) According to the World Bank report, Saudi Arabia’s economy is expected to jump by 4.9 percent this year because of a robust recovery in the oil sector which will induce stronger exports.

In its Global Economic Prospects report, the global group revised the growth rate up by 1.6 percent in comparison to its June prediction.

In addition, non-oil activities are also predicted to enhance from big vaccination rates and increasing investments. But, the Bank cut its 2023 growth forecast by 0.9 percent to 2.3 percent.

With crude costs predicted to be about 74 per barrel, joined with a boosting demand, the Gulf Cooperation Council economies are expected to increase by 4.7 percent in 2022 and by 3 percent in 2023.

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