World Bank: Saudi Arabia serious about economic diversification

Roberta Gatti, the World Bank's Chief Economist, Middle East, and North Africa, said the region experienced exceptional growth last year, the highest in almost 15 years, fueled by oil prices and increased oil exports post the Russian-Ukrainian war.

Growth declined sharply in 2023 as oil demand was not less than expected, Gatti told Asharq Al-Awsat newspaper on the sidelines of the annual meetings of the International Monetary Fund and the World Bank held in Marrakesh.

Saudi Arabia recorded a significant decline in the oil sector, compared to remarkable growth in non-oil activities by nearly 3.7%, Gatti said. She added that this reflects the Kingdom's strong stance on economic diversification, structuring its expenditure and financial balance based on a fixed oil price rate of around $70.

Accordingly, the real GDP of GCC countries is expected to grow by 1% in 2023, compared with 7.3% in 2022 due to lower oil output and prices.

Source : Arqaam