Maintaining balance.. Public debt in the Kingdom is within safe levels at 29.3% of GDP in 2024

Data issued by the Ministry of Finance showed that the ratio of public debt to GDP will reach 29.3% by the end of 2024. This level of government debt is within normal levels when compared to G20 member states, as some countries have exceeded the debt threshold to reach more than 100% of GDP.

Historically, the debt ratio in 2015 did not exceed 5.7%, but that ratio witnessed noticeable jumps, as it rose in 2016 to 12.7%. In 2017, the ratio was raised to 16.5%, in 2018 it reached 17.6%, while in 2019 it rose to 21.6%.

In 2020, it achieved a sharp jump to reach 31%. The percentage decreased in 2021 to 28.6%, then decreased in 2022 to 23.8%. While in 2023, the percentage increased again to 26.2%, and by the end of 2024 it is expected to reach 29.3%. The Kingdom seeks to boost spending within the economy by adopting expansionary fiscal policies, with the aim of achieving the ambitious goals of Vision 2030. Spending is expected to witness a significant increase in the coming years, especially in strategic projects that will leave a profound positive impact on the country’s economic development process.