Saudi Gazette report
RIYADH — Commonplace & Poor’s (S&P) has confirmed the credit standing of Saudi Arabia for each its home and international forex at “A/A-1” with a steady outlook. This affirmation was detailed in a not too long ago launched report by the company.
In keeping with S&P’s report, the choice to take care of Saudi Arabia’s credit standing displays the nation’s constant efforts to implement reforms over current years.
These reforms have led to structural enhancements which have performed a vital function in supporting sustainable growth inside the non-oil sector.
Moreover, the report famous Saudi Arabia’s diligent administration of public funds and its dedication to sustaining a balanced degree of public debt.
S&P’s report additionally supplies financial forecasts for Saudi Arabia. It anticipates a modest GDP progress fee of 0.2% for the present yr, largely attributed to a lower in oil manufacturing volumes.
Nevertheless, S&P tasks a extra strong progress fee of three.4% for the years 2024 to 2026. This optimistic outlook is predicated on expectations of elevated demand for oil and substantial progress inside the non-oil sector.
Moreover, the report highlights the Kingdom’s dedication to attaining the goals outlined in Saudi Imaginative and prescient 2030.
This formidable initiative goals to diversify the economic system by selling funding in tasks that cut back reliance on oil, fostering the event of native Saudi expertise, and actively growing the participation of girls in varied sectors of the economic system.