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  • 06-10-21

    World Bank estimates Saudi Arabia’s domestic product to reach 2.4 percent in 2021

    (MENAFN)The World Bank estimated Saudi Arabia’s average gross domestic product to amount at 2.4 percent in 2021 and 3.3 percent in 2022, with a development in global oil demand.

    Rapid vaccine rollout around the world would boost crude demand, especially in advanced economies, and reverse the huge GDP reduction (4.1 percent) the Kingdom saw during the pandemic in 2020, Issam Abousleiman, the World Bank’s director for GCC countries said.

    Abousleiman warned that the bank’s baseline energy forecasts continued vulnerable to pandemic-related risks, particularly the new coronavirus variants and renewed restrictions that may cause a fresh decrease in global oil demand.

    The current OPEC+ agreement could be stressed from “a sharper-than-expected increase in US shale output, accentuating concerns of producers about market share,” the official added.

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