Saudi Gazette report

RIYADH — The World Bank has raised Saudi Arabia’s 2022 growth forecast from 3.3 percent to 4.9 percent.

In a statement, the bank said the Kingdom would record 2.3 percent economic growth in 2023, compared to the previous forecast of 3.2 percent.

It added that the oil sector will likely witness strong recovery, which will reflect positively on exports.

The non-oil business is also expected to benefit from the large number of vaccinated persons against coronavirus, as well as accelerated investments, the bank said.

In December, Saudi Arabia approved the general budget for the fiscal year of 2022, with an estimated total revenues of SR1045 billion and spending of SR955 billion.