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World Bank projects Saudi economy growth
The World Bank has revised upward its growth forecast for the Saudi economy in 2027 to 7.9%, an increase from its previous estimate in April. This reflects an improved growth outlook after expecting the economy to contract by 2% in 2026. The improvement comes as the economy recovers from recent conflicts that led to a 2.1% decline in regional output in 2026, with expectations of a rebound in 2027 reaching 7.8%, mainly driven by the recovery in oil production and exports. However, the region still faces challenges due to the aftermath of the conflict, such as rising inflation, increased pressures on supply chains, and slowdown in sectors like tourism and logistics. Bank reports anticipate that artificial intelligence could boost productivity by up to 20% of jobs, offering opportunities for regional cooperation in technology development and economic performance improvements.
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