World Bank raises Saudi Arabia’s 2022 growth forecast to 4.9%

The Kingdom of Saudi Arabia's flag

The World Bank maintained Saudi Arabia’s 2021 growth forecast at 2.4% and raised it for 2022 to 4.9% compared to the previous expectation of 3.3%.

In a statement, the bank said the Kingdom would record 2.3% economic growth in 2023, compared to the previous forecast of 3.2%.

It added that the oil sector will likely witness strong recovery, which will reflect positively on exports.

The non-oil business is also expected to benefit from the large number of vaccinated persons against coronavirus, as well as accelerated investments, the bank said.