The agency explained in its report that its expectations come with support from economic diversification programs and major projects linked to the Kingdom’s Vision 2030.
The agency stated that the real growth of non-oil GDP is expected to reach a rate ranging between 5 percent and 5.5 percent during that period, compared to an average of 4.6 percent in 2022-2023 and only about 1.5 percent between 2017-2019.
“And I expected”Moody’s“Government spending remains at Saudi Arabia At high levels, ranging between 30 percent and 32 percent of GDP over the next three years, which will boost non-oil economic growth.
However, the agency indicated that lower prices Oil Or a decline in production may increase financial challenges, which may prompt the Kingdom to rationalize spending or increase non-oil revenues.
