World Bank raises Saudi economic growth forecasts to 4.1% in 2024

The World Bank upgraded its expectations for Saudi Arabia’s economic growth to 4.1% this year, from previous forecasts of 2.3% in June 2023.

The Kingdom's economy is set to expand, despite extending the voluntary cuts in crude output earlier in 2023, said the World Bank. It added that investment related to non-oil activity will likely be the key driver for future growth, in light of projects of Vision 2030.

In a report released today, Jan. 9, the World Bank also expected a 4.2% growth in the Saudi economy for 2025.