The World Bank raised its forecast for the growth of the Saudi economy this year to 2.4% instead of 2% last January, and raised its forecast during 2022 to 3.3% instead of 2.2%In a new indication of the continued recovery of the economy from the Corona pandemic, after the success of government policies in implementing the programs and initiatives of the Kingdom’s Vision 2030.
The World Bank’s raising of the Saudi economy’s growth expectations this year comes after the International Monetary Fund preceded it by raising its forecast to 2.9%, compared to 2.6% months ago, an increase of 0.3 percentage points, while keeping its expectations for 2022 at 4%. The June 2021 Global Economic Prospects report issued by the World Bank indicated that the global economy is expected to grow by 5.6% in 2021, the fastest pace of growth after an economic recession in 80 years, mainly due to the strong recovery achieved by a few major economies. He expected that the recovery in small economies that depend on tourism will be weak as long as travel restrictions remain. All regions remain vulnerable to a re-emergence of the coronavirus, exacerbated financial stress by rising debt levels, larger-than-expected fallout from the pandemic, and escalating social unrest. According to Finance Minister Muhammad Al-Jadaan, the Kingdom has strong economic foundations, which enabled it, along with strong and broad-based containment and support measures, to face the repercussions of the pandemic, and expect the Saudi economy to recover after the return of economic activity, the remarkable improvement in the non-oil sector, and the decline in the unemployment rate among Saudis. Both male and female. He pointed to the commitment to implement structural and economic reforms, guided by the Kingdom’s Vision 2030 and modern environmental initiatives, namely the “Green Saudi Initiative” and the “Green Middle East Initiative” to achieve sustainable growth.