The World Bank forecasted Saudi Arabia’s GDP growth will increase significantly in 2020, to 1.9%, compared with 0.4% in 2019, with further gains in subsequent years.
The bank expects Saudi growth to strengthen during 2021 and 2022 to 2.2% and 2.4%, respectively.
The latest figures were published in the World Bank Global Outlook report.
The projections are downgraded from previous expectations of 3.1% growth in 2020 and 2.3% in 2021.
On a global scale, the world’s GDP is forecasted to achieve a 2.5% growth during 2020, the report noted.