World Bank raises Saudi economy growth forecast to 2.4% in 2021, 3.3% in 2022

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The World Bank raised its forecast for growth in Saudi Arabia’s economy to 2.4% in 2021 compared with its previous forecast of 2%, and 3.3% in 2022 compared to 2.2%.

The bank said in a recent report that raising expectations for the Saudi economy reflects positive developments in the face of the COVID-19 pandemic, rising oil prices, and the start of a new government investment program, funded by the Public Investment Fund (PIF).

Reducing oil output further increased the contraction of the oil sector, but is offset by continued recovery in the non-oil sector, the bank said, adding that data indicate that the recovery has gained momentum.