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Eurasia
08/01/2024 19:47
Saudi Arabia continued to implement broad economic and financial reforms in 2023, which reflected positively on economic growth rates, as well as on the ratings of credit rating agencies.
In an interview with Al-Arabiya Business, Dr. Nayef Al-Ghaith, chief economist at Riyad Bank, confirmed that GDP is expected to grow by about 4% in 2024, while expectations indicate that non-oil GDP will rise by about 5% during the same year.
Al-Ghaith added that the Kingdom's non-oil GDP is achieving significant growth, driven by mega projects such as NEOM, Qiddiya, and other projects, and spending policies.
He continued: There are many sectors that lead to the growth of non-oil domestic product, especially tourism, as well as the technology sector, which is expected to contribute positively to the growth of non-oil GDP.
He stressed that in general, such projects show results in the medium and long term, and will show greater results by the beginning of 2025, and growth in non-oil GDP may reach 6% in the near future.
Al-Ghaith pointed out that Saudi companies will not be affected much by interest rate fluctuations in America, in light of the growth achieved by the non-oil sector in the Kingdom.