The World Bank expected that the Saudi economy will grow in 2022 from 3.3% to 4.9%, in light of the increase in oil production, and the recovery of the non-oil sectors.
According to Arabiya Net, the World Bank said in a statement that the Kingdom will record 2.3% economic growth in 2023, compared to previous expectations of 3.2%.
He added that the oil sector is likely to witness a strong recovery, which will positively affect exports.
The bank also expected that the non-oil business would benefit from the large number of people immune to the coronavirus, as well as accelerated investments.
In December, Saudi Arabia approved the general budget for the fiscal year 2022, with total revenues estimated at 1045 billion riyals and expenditures of 955 billion riyals.
The World Economic Prospects report, which was released on Saturday, and is the bank's latest release, revealed that the global growth rate is expected to decline significantly from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023, as pent-up demand recedes, and support measures in fiscal and monetary policies end around the world.