Standard & Poor's Global Market Intelligence revealed that the growth momentum in the Saudi economy will stabilize and become strong over the second half of this year, despite the economy contracting 1.7 percent in the first quarter of 2024.
The outlook for the Saudi economy in the short term remains favorable despite a surprisingly weak performance of consumer spending in the first quarter, which pointed to a greater slowdown in the non-oil economy than previously forecast. It predicted that the budget deficit will reach 3.6 percent of GDP in 2024 and that this deficit will decrease as government measures to reduce investments come into effect.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
