Standard & Poor’s: Saudi Arabia’s economic growth will recover ‎to 2.7% in 2024‎

Standard & Poor’s Global revealed that it expects Saudi Arabia’s economic growth to recover next year to 2.7% in 2024 from a contraction of 0.4% this year.

According to the Arab World News Agency (AWP), Standard & Poor’s added in a report on emerging markets that growth in Saudi Arabia declined this year due to the oil production cuts implemented by the Kingdom within the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC). And allies, including Russia

But Standard & Poor’s at the same time expects growth to improve in the next two years, reaching 3.7% in 2025.

Saudi Arabia has a rating of (A) with a stable outlook from the credit rating agency. The economy of the Kingdom, the largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), grew by 8.7% last year.