The World Bank expects the Saudi economy to grow by 2.1 percent during 2019, the same growth rate estimated by the bank in June 2018.
The bank also expects the Kingdom’s economy to rise by 2.2 percent within the coming two years, the bank said in its World Economic Outlook Report issued on Tuesday.
Growth of oil exporting countries is seen to rise at a minor rate this year where the growth rate of the GCC countries as a group is seen to be 2.6 percent from 2 percent in 2018, the report added.
Middle East and North Africa Region’s growth is expected to pick up slightly in to 1.9 percent 2019, but prospects are uneven across countries.
On the other hand, the World Bank is downgrading its outlook for the global economy this year, anticipating a growth of 2.9 percent citing rising trade tension, weakening manufacturing activity and growing financial stress in emerging-market countries.
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Economic Growth Rates Estimated by The World Bank |
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Issued in June 2018 |
Issued in Jan. 2019 |
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2019 |
2020 |
2019 |
2020 |
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Global economy |
2.9 % |
2.8 % |
3.0 % |
2.9 % |
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Saudi Arabia |
2.1 % |
2.2 % |
2.1 % |
2.3 % |
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GCC Countries |
2.6 % |
2.7 % |
2.7 % |
2.7 % |
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