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28.05.24 12:26

Economy

Saudi Arabia's non-oil sector is expected to grow by 4.8% in 2024

The goal of the Kingdom's fiscal policy is economic expansion

Experts predicted that non-oil industry will grow at a rate of 5.2 per cent in 2025, continuing to pick up speed. This is reported by Arab News.

Forecasts indicate that non-oil activity growth will continue, helped by a growth-oriented fiscal strategy that prioritises raising investment spending and will boost growth in the upcoming years.

This is consistent with the pattern that saw growth in non-oil activity of 5.6 per cent in 2022 and 4.4 per cent in 2023.

However, it is anticipated that the Kingdom's inflation rate will fall to 2 per cent in 2024 and then gradually increase to 2.4 per cent in 2025.

Photo: iStock

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Sergey Lavrov

Russian Foreign Minister

"A Joint Statement of the Foreign Ministers has been adopted. It provides a clear and principled assessment of the situation on the international stage and outlines the tasks that will be addressed in accordance with previous decisions by heads of state and governments. No one doubts that additional documents on sectoral areas of cooperation will be developed ahead of the SCO summit in Bishkek. Energy, artificial intelligence, healthcare and a number of other areas were also mentioned"

Nitin Gadkari

India's Union Minister for Road Transport and Highways

"Our resolution has just been passed. It is very important as far as the BRICS countries are concerned, which cover 40 per cent of the world's population. We are committed to the futuristic development of the transport sector, to create cooperation, coordination and communication between the stakeholders. This resolution indicates a lot of new technology and innovation in the transport sector. It covers the road sector, railways, aviation and water transport"

Anutin Charnvirakul

Prime Minister of Thailand

"Russia has been a trusted friend of Thailand for over a century. […] Next year, we will mark the 130th anniversary of the establishment of diplomatic relations between our countries. We will commemorate this important milestone with high-level exchanges, thereby reaffirming our shared commitment to an even stronger partnership for the benefit of our peoples"

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Saudi Arabia's non-oil sector is expected to grow by 4.8% in 2024

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