The World Bank expects the Saudi economy to grow 2.4% in 2021 and 3.3% next year.
According to Arab Net, in the global economy's prospects report, this reflects positive developments in addressing pandemic and higher oil prices and decreasing cases of oil production reduction, and starting a new government investment program in the Kingdom.
The bank explained that in oil-exporting countries, oil prices will support growth and increase government revenues.
The World Bank predicted the average oil prices reach $ 62 a barrel in 2021 and 2022.
Economic activity in the Middle East and North Africa predicted 2.4% this year and 3.5% next year.
The World Economy is expected to grow by 5.6 percent in 2021, the fastest pace of growth after economical recession within 80 years, mainly due to the strong recovery achieved by a few major economies. However, many emerging markets and developing economies are still suffering from Corona virus and their implications, as the World Bank is reported in June 2021 from the World Economic Affairs Report.
Despite this recovery, global output will be approximately 2% of pre-pandemic expectations by the end of this year. The losses will not decline in the average per capita income by 2022 in about two-thirds of emerging markets and developing economies.
The International Monetary Fund (IMF) has expected real GDP growth in Saudi Arabia by 2.1% this year and 4.8% next year, compared to a former IFAD appreciation at 4%.
