“Moody's” has revised its forecast for Saudi Arabia's real GDP growth, increasing the growth rate to 2.5 percent in 2023 and by 3.1 percent in 2024, reflecting the continued strength of non-oil private sector activity. This comes up from its previous forecast last November, with a growth of 1.7 percent in 2023, and by 2.6 percent in 2024.
“Moody's” had predicted that the Kingdom's economy would grow at an average rate of about 3.9 percent during the years from 2022 to 2026.
The agency praised the strength of the Saudi economy despite some challenges, noting the steps taken by the Kingdom to diversify its economy away from oil, which is beginning to bear fruit. Moody's revealed that the Kingdom has strengths that support its high credit rating and a stable outlook for its economy. The agency's strengths include a solid balance sheet, backed by moderate levels of debt and large fiscal reserves. This is in addition to its huge oil reserves, low oil recovery costs, and prudently organized and managed financial system.
Source (Al-Arabiya.net, Edited)
