Home
|
Media Center
|
Careers
Personal
Accounts
Loans
eBanking
NRI Business
Other Services
Corporate
Corporate Banking
International Banking
Syndicated Loans
Trade Finance
Long Term Finance
Working Capital Facilities
SMEs Facility Application – Law (2) – 2021
Investor Relations
Our Strategy
Financials
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Customer Service
Branch Timing
Request for Support
Security Center
FAQ
Tutorials
Contact Us
About Us
About Us
BBK Network
Subsidiaries
Board of Directors
Executive Management
Divisions
Corporate Governance
Awards
BBK awarded for distinguished Corporate Governance practices
Bahrain’s pioneer in commercial and retail banking
BBK wins first place for excellence in Corporate Governance practices
BBK wins Bahrain eContent Award
BBK newsletter
CINET
BBK Press releases
Latest News
Archives
Financial News
Latest News
Archives
Internet Banking
Retail login
Help
|
Alert
What do you want to do?
Select here
Access Retail Internet Banking
Home
Media Center
Financial News
Archives
Archives
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.”
MENAFN02032023000045014228ID1105689781
View complete sitemap
Personal
Accounts
Loans
Mortgage
eBanking
ATM
Internet Banking
SMS Banking
NRI Business
Other Services
Corporate
Corporate Banking
International Banking
Syndicated Loans
Trade Finance
Long Term Finance
Working Capital Facilities
SMEs Facility Application – Law (2) – 2021
Investor Relations
Our Strategy
Financials
LCR Reports
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Customer Service
Branch Timing
Request for Support
Security Center
FAQ
BBK tariffs
Tutorials
Customer Protection
Contact Us
About Us
About Us
BBK Network
Subsidiaries
Board of Directors
Executive Management
Divisions
Corporate Governance
Follow us