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World Bank: Saudi Arabia Can Manage War Impacts
The World Bank has confirmed that Saudi Arabia has ample financial capacity to absorb the repercussions of the regional war, thanks to rising oil prices, significant financial reserves, and a low level of public debt, which enable it to withstand economic shocks. Despite an expected 21.8% decline in oil activity in 2023 and a 3.2% growth in the non-oil sector, pressures remain due to recent attacks on airports and the need to reassess some investments, balancing between meeting current needs and maintaining long-term economic goals. The report indicated that Saudi Arabia’s fiscal policies are effectively being used to address the crisis, with the kingdom committed to Vision 2030, despite the necessity to reorganize priorities and reduce dependence on external financing.
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