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In 2024, Saudi Arabia’s GDP is predicted to grow faster than the rest of the other Gulf Cooperation Council (GCC) nations, according to Allianz Trade.
According to Trading Economics global macro models and analysts’ forecasts, Saudi Arabia’s GDP is predicted to reach 950.00 USD Billion by the end of 2023.
In the long run, Saudi Arabia’s GDP is expected to stay around $1,020.00 USD Billion in 2024 and $1,060.00 USD Billion in 2025.
Saudi Arabia’s GDP (Gross Domestic Product) grew by just under nine percent in 2022, and “we expect growth to increase by four percent in 2024,” the Paris-based trade insurer said in a press release.
There is room for improvement in Saudi Arabia, according to Allianz, as the country’s economy remains highly dependent on international oil prices and shipping routes.
In addition, Prince Mohammed bin Salman has tasked the NDF with tripling the non-oil GDP to $605 billion (US $161.25 billion) by 2030 in order to create new jobs in the kingdom.
Crown Prince Mohammed bin Salman of Saudi Arabia has given instructions to the National Development Fund to aim for a more than threefold increase in non-oil GDP to reach $161.25 billion (SAR 605 billion) by the year 2030, along with the creation of new job possibilities in the Saudi kingdom.
“The NDF’s strategy aspires to create a long-term and sustainable economy by transforming the fund into a Development Finance Institution (DFI) to contribute to achieving the Saudi Vision 2030 objectives,” said Mohammed bin Salman, the Crown Prince of Saudi Arabia.