{"id":32720,"date":"2024-09-15T14:35:31","date_gmt":"2024-09-15T11:35:31","guid":{"rendered":"https:\/\/sudanevents.com\/?p=32720"},"modified":"2024-09-15T14:35:31","modified_gmt":"2024-09-15T11:35:31","slug":"saudi-arabia-positive-outlook-and-expectations-of-developing-the-non-oil-economy","status":"publish","type":"post","link":"https:\/\/sudanevents.com\/index.php\/2024\/09\/15\/saudi-arabia-positive-outlook-and-expectations-of-developing-the-non-oil-economy\/","title":{"rendered":"Saudi Arabia: Positive outlook and expectations of developing the non-oil economy"},"content":{"rendered":"
Sudan Events – Agencies<\/b><\/div>\n
Standard & Poor\u2019s (S&P) upgraded its outlook for Saudi Arabia to positive from stable, citing expectations of strong growth in the non-oil sector and economic resilience. The agency affirmed the Kingdom’s credit rating at “A\/A-1”.<\/div>\n
In its report on Friday, the agency stated that the positive outlook reflects the Saudi government’s ability to achieve more reforms and investments, which contributes to the development of the non-oil economy.<\/div>\n
The credit rating upgrade also reflects the resilience of the country’s economy in the face of ongoing fluctuations in the oil and gas sector.<\/div>\n
S&P added, “We expect to see accelerated investments to develop new sectors, such as tourism, and diversify the economy away from its heavy reliance on the hydrocarbons sector.”<\/div>\n
The agency expects the Kingdom’s GDP to continue growing between 2024-2027, driven by the notable growth in investments in the non-oil sector and increased consumption rates. Additionally, the Kingdom is expected to emerge as a more diversified economy in the long term, offering more job opportunities for youth.<\/div>\n
Saudi Arabia, the world’s largest oil exporter, has launched an economic reform plan known as “Saudi Vision 2030” to reduce its reliance on oil and achieve more economic growth.<\/div>\n
S&P noted that the continued implementation of Vision 2030 initiatives would support strong non-oil growth in the medium term.<\/div>\n
However, the oil and gas sector, along with the national oil giant Aramco, will continue to play an essential role in driving the Kingdom’s oil-linked economy.<\/div>\n
Inflation rates in Saudi Arabia have remained relatively low compared to global levels. S&P expects inflation to remain stable and interest rates to move largely in line with those of the U.S. Federal Reserve.<\/div>\n","protected":false},"excerpt":{"rendered":"

Sudan Events – Agencies Standard & Poor\u2019s (S&P) upgraded its outlook for Saudi Arabia to positive from stable, citing expectations of strong growth in the non-oil sector and economic resilience. The agency affirmed the Kingdom’s credit rating at “A\/A-1”. In its report on Friday, the agency stated that the positive outlook reflects the Saudi government’s …<\/p>\n","protected":false},"author":2,"featured_media":32714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-32720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economic"],"_links":{"self":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts\/32720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/comments?post=32720"}],"version-history":[{"count":1,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts\/32720\/revisions"}],"predecessor-version":[{"id":32721,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/posts\/32720\/revisions\/32721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/media\/32714"}],"wp:attachment":[{"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/media?parent=32720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/categories?post=32720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sudanevents.com\/index.php\/wp-json\/wp\/v2\/tags?post=32720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}