The World Bank expected the growth rate of the Saudi economy to rise to 2.4 percent during the current year, compared to its previous estimates of a Saudi GDP growth of 2 percent. According to the bank, the growth of the Saudi economy next year will be about 3.3 percent, compared to its latest estimates of 2.2 percent.
The World Bank indicated that the factors for adjusting its estimates about the Saudi economy came in response to the positive developments observed by the Saudi government to repel the emerging Corona pandemic, in addition to the factor of the rise in oil prices, pointing at the same time to the start of the new government investment program. reinforced by the financing of the Public Investment Fund.
According to the bank, the reduction in oil production increased the contraction of the oil sector, but on the other hand, the non-oil sector witnessed the continuation of recovery, which supports the vision of the momentum of recovery from the effects of the pandemic. The World Bank stated that in the oil-exporting countries, higher oil prices will support growth and increase government revenues, expecting the average oil prices to reach $62 per barrel in 2021 and 2022.
Source (Al-Sharq al-Awsat Newspaper, Edited)
