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  • IMF Boosts Saudi Arabia’s 2025 Growth Forecast Again, Making it Second-Fastest Growing Economy

    The International Monetary Fund (IMF) has further strengthened its positive outlook for the Saudi Arabian economy by revising its 2025 growth forecast upwards for the second time this year. In its April "World Economic Outlook" report, the IMF raised the expected growth rate for the Kingdom to 6%, up from the 5.5% projection issued in January 2024. This upward revision comes despite the IMF maintaining a stable global growth forecast of 3.2%. Consequently, Saudi Arabia is now projected to be the second-fastest growing economy in 2025, trailing only India's anticipated growth rate of 6.5%.

  • IMF Boosts Saudi Economy Growth Forecast to 6% by 2025

    The International Monetary Fund (IMF) has revised its expectations for Saudi Arabia’s economic growth, projecting a robust expansion of 6% by the year 2025. This represents an upward revision from the earlier forecast of 5.5% made earlier in the year. However, the IMF also noted a slight adjustment in its outlook for 2024, with the Kingdom’s output now expected to grow by 2.6%, down 0.1% compared to the previous projection. In its latest report, the IMF highlighted the broader economic landscape of the Middle East and Central Asian region, projecting growth rates of 2.8% and 4.2% for the years 2024 and 2025, respectively.

  • World Bank raises its forecast of Saudi economy growth to 5.9%

    The World Bank raised its forecast for the growth of Saudi economy during the next year, 2025, by about 1.7% to 5.9%, compared to its previous forecast last January of 4.2%.

    The bank reduced its expectations for the growth of Saudi economy during 2024 to 2.5%, compared to its expectations last January of 4.1%, a difference of 1.6%.

  • Is the EU the North Star for Circular Economy Push in Saudi Arabia?

    The European Union's (EU) circular economy (CE) framework is an exemplar of comprehensive and strategic environmental governance. This framework is meticulously designed to encompass robust legislation, set ambitious sustainability targets, and deploy diverse initiatives across sectors, which can serve as a powerful model for nations like Saudi Arabia aiming to enhance their own circular economy policies.

  • Saudi Arabia Hits Milestone In Shift Away From Oil Economy

    Government data released last month shows the real GDP growth rate for non-oil activities at about 4.4%, valuing the sector at about 1.7 trillion Saudi riyals (around $453 billion). This puts the kingdom on course to meet the objectives set out in Vision 2030, its broad program of policies and reforms, which holds economic diversification as one of its core objectives.

  • Saudi Arabia’s Non-oil Economy Hits Record 50% Share of Real GDP

    Saudi Arabia’s non-oil activities hit a historic 50% share of the country’s real GDP in 2023, the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning. This translates to a non-oil economy valued at SAR1.7 trillion (approximately $453 billion) at constant prices, fueled by consistent growth in investment, consumer spending, and exports, the Saudi Press Agency said. The significant contribution from non-oil sectors is attributed to a surge in private-sector investment over the past two years, with a remarkable growth rate of 57%. This has pushed private investment to a record high of SAR959 billion riyals ($254 billion ) in 2023.

  • Saudi Economy Contracted in 2023, But Growth Projections Unchanged for 2024

    On March 10, the Saudi General Authority for Statistics released detailed gross domestic product data for Saudi Arabia in the fourth quarter of 2023 (the previously released fourth quarter “flash” estimate contained more limited information). The data confirmed that the Saudi economy contracted in 2023. The 0.8% drop in real GDP (i.e., GDP after accounting for inflation) was largely due to the 9% contraction in the oil sector that followed the production cuts under the OPEC+ agreement. Saudi Arabia’s non-oil sector grew by 3.8% and ended the year on a relatively strong note, with growth accelerating in the fourth quarter relative to the third quarter.

  • Yellen, Saudi finance minister discuss economy, collaboration at G20 meeting

    US Treasury Secretary Janet Yellen met with Saudi Arabia’s finance minister Mohammed al-Jadaan at the G20 Finance Ministers and Central Bank Governors meeting in Sao Paulo, Brazil, a statement released by US Department of treasury on Thursday reported. Yellen and the Saudi minister discussed economic prospects of the Kingdom, the advancements made in its reform initiatives and its involvement in global and regional affairs, the statement added.

  • Saudi Arabia targets human skills as key to expanding economy at Riyadh event

    “Education is in itself the most important sector in which to invest,” Khalid Al Falih said on Thursday during his opening speech on the second and final day of the Human Capability Initiative event in Riyadh. He said that the needs for the energy sector are changing as the world shifts to cleaner methods, along with the advanced technology markets, which both demand talent for jobs that have not yet been created. This will have “a tremendous impact” on Saudi Arabia’s global competitiveness, and that is where its investment will be directed, said the minister.

  • Iran Votes: Lukewarm on Leadership, Cool on Economy

    Young Iranians under the age of 30 -- a key part of the protest movement after Amini’s death -- are particularly disapproving (61%) of their leadership. With those younger than 30 making up over 60% of Iran’s population, their view toward Iran’s leadership may prove decisive in Khamenei’s call for greater turnout and the outcome of the vote itself.