World Bank expects Saudi economy to grow by 4.7% in 2025 and 2026

The World Bank expects the Saudi economy to grow by 4.7% in the next two years, 2025 and 2026, with an increase in oil production.

In a recent report, the bank added that the non-oil sector is expected to remain stable at around 4.5% in 2025-2026, stressing the importance of this sector to the economic diversification agenda in Saudi Arabia.

Regarding expectations for the growth of the Kingdom’s economy during the current year, the World Bank stated that the Saudi economy is expected to achieve a growth of 1.1% in 2024, supported by strong growth in non-oil activities by 4.6%.

It pointed out that the Kingdom’s Vision 2030 has led to significant investments in tourism and renewable energy and strong performance in the retail and hospitality sectors, noting that the unemployment rate in the Kingdom has decreased, indicating a strong labor market.

The World Bank said that the challenges of the budget deficit in Saudi Arabia prompted the Kingdom to pursue efforts to control the financial situation, especially by enhancing the generation of non-oil revenues.