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  • 02-03-23

    Moody’s elevates Saudi Arabia expansion estimates in 2023, 2024

    (MENAFN) Saudi Arabia’s economy is estimated to surge at a greater-than-estimated level in 2023 and 2024 driven by its durable non-oil sector, in line with credit rating agency Moody’s Investors Service.

    In its latest macro-outlook for G20 economies, Moody’s raised the Kingdom’s expansion to 2.5 percent last year from its last estimation of 1.7 percent declared in November. For next year, it has elevated the expansion to 3 percent from the prior estimation of 2.6 percent.

    Last year, the expansion was higher to reach 8.7 percent from 7.4 percent in November’s estimation, in line with the agency.

    While giving a speech to Arab News, Alexander Perjessy, vice-president, senior credit officer at Moody’s asserted that “The upward revision of our growth forecasts reflects greater confidence that the non-hydrocarbon sector growth momentum seen during the past two years will be maintained during 2023-24, supported by progress on the government-sponsored large-scale economic diversification projects and a wide range of government initiatives aimed at stimulating growth in the domestic entertainment and tourism sector, as well as education, healthcare, and affordable housing.”

    Adding, "The growth momentum will also benefit from the recently implemented structural reforms aimed at improving the ease of starting and doing business, enforcing contracts, and resolving commercial disputes and bankruptcies. Last but not least, consumers will remain shielded from elevated energy prices through the government cap on domestic transportation fuel prices and utility tariffs.”

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