Moody’s upgrades Saudi Arabia growth forecasts in 2023
Moody’s, the credit rating agency, has revised its forecasts for economic growth in Saudi Arabia for the years 2023 and 2024.
Moody’s said that raising its forecast for growth in the Kingdom reflects expectations that non-oil private sector activity will remain strong.
Moody’s added that it expects the GDP growth rate in Saudi Arabia to increase to 2.5 percent in 2023 and 3.1 percent in 2024.
Last November, the global credit ratings agency predicted that the Saudi economy would grow by 1.7 percent in 2023 and 2.6 percent in 2024.
In 2022, Saudi Arabia achieved an exceptional growth of 8.7 percent, the highest in 11 years, and was the highest among the G20.
The International Monetary Fund had lowered its forecast for growth in Saudi Arabia for this year by 1.1 percent to 2.6 percent, compared to its previous estimates in October, based on reducing oil production levels under the “OPEC +” agreement, while raising its expectations for next year by half a percentage point to 3.4. percent.
