OECD cuts Saudi Arabia’s growth forecast in ’24, ’25

Saudi Arabia’s economy will contract by 0.2 per cent in 2024, said the Organisation for Economic Co-operation and Development (OECD) forecast on Thursday. However, the kingdom’s economy is projected to grow by 4.1 per cent in 2025, OECD noted in its latest semiannual Economic Outlook.

This marks a downward revision from OECD’s  Interim Economic Outlook issued in February, in which the Paris-based organisation predicted the Saudi economy to grow by 2.4 per cent in 2024 and by 4.1 per cent in 2025.