Moody’s Upgrades Saudi Economy Growth Forecast

[Sarah]

Global credit rating agency Moody’s has raised the Kingdom’s growth forecast to 2.5 percent for the current year from its last estimation of 1.7 percent, backed by moderate levels of debt and large financial reserves, in addition to its huge oil reserves.For next year, it has elevated the expansion to 3.1 percent from the prior estimation of 2.6 percent.This indicates that non-oil private sector activity will remain strong.Moody’s said last year that the Saudi economy grew by 10.2 percent during the first nine months of 2022.According to Moody’s report, Saudi economic growth wa

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