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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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Prabowo Subianto

President of Indonesia

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Liao Fan

Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS)

"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

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"

Ferdinand Marcos

President of the Republic of the Philippines

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Anwar Ibrahim

Prime Minister of Malaysia

"The relations in the last few years have been remarkable. We have seen impressive development, and my visit was – you were fantastic. We see the enormous role that Russia can play not only in Malaysia but also in the developing world, ASEAN and the rest. We are exploring this halal economy and finance. We are now almost finishing the visa abolition arrangement. [...] And then you have also agreed to these flights for tourism, for trade, and connectivity between Malaysia, Moscow, Kazan, and other cities in Russia"

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

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