Riyadh - Sharikat Mubasher: International organizations and local entities' forecasts affirmed that Saudi Arabia’s economy is moving at a steady pace toward prosperity, growth, and making more achievements on a global scale.

In its recent report for the fourth quarter (Q4) of 2023, the Ministry of Investment (MISA) noted that the International Monetary Fund (IMF) expected the Saudi gross domestic product (GDP) to grow by 2.7% and 5.5% in 2024 and 2025, respectively.

The Organization for Economic Cooperation and Development (OECD) anticipated the Saudi real GDP to rise by 2.4% and 4.2% in 2024 and 2025, respectively.

Additionally, the World Bank projected real GDP growth of 4.1% in 2024 and 4.2% in 2025.

Meanwhile, Fitch Ratings expected growth in the non-oil private sector by 4.5% between 2024-2025, driven by the ongoing fiscal reforms aiming at increasing the flexibility of the budget against price fluctuations. In its February 2024 report, the agency affirmed the credit rating for the Kingdom at A+ with a stable outlook.

MISA noted that the Saudi economy has witnessed a “profound positive transformation” throughout the past years, due to the economic reforms that began since the launch of Vision 2030.

The Saudi Ministry of Finance (MoF) forecasted, in its Budget Statement FY 2024, a growth in the real GDP by 4.4% in 2024 and 5.7% in 2025, backed by an increase in non-oil activities.