We forecast GDP growth for Saudi Arabia will increase to 4.4% in 2025. The government will continue to pursue its growth agenda, sustaining strong non-energy sector momentum, and oil production cuts will be gradually unwound. Moody’s recent upgrade of the Kingdom’s sovereign rating to Aa3, its highest level since 2016 and the third highest in the region, supports this view. While global uncertainty and regional conflicts present downside risks, Saudi Arabia’s debt-to-GDP ratio remains manageable, as is low compared to global peers.
Saudi Arabia: A pickup in GDP growth is likely for 2025