According to the latest report released by the World Bank, Saudi Arabia's economy is expected to grow by 8.3 percent in 2022, while it will grow by 3.7 percent and 2.3 percent in 2023 and 2024, respectively.
According to Arab News, the World Bank noted in its 'Gulf Economic Update' report that growth in the oil sector is driving the kingdom's economy.
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The report further points out that rising oil and gas prices, coupled with the ongoing conflict in Ukraine, is expected to provide a windfall for the GCC.
The World Bank said in its report that "rising hydrocarbon prices have eased pressure on fiscal balances and public sector debt while increasing current account surpluses in GCC countries."
The World Bank also noted that Gulf Cooperation Council countries are still struggling to diversify their economies, which have been dependent on oil for decades.
The World Bank report added that "despite the efforts of the Gulf Cooperation Council countries, diversification still falls short of potential." There is growth in the non-oil economy but limited success in non-oil exports.
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