It is expected that the pace of economic growth in Saudi Arabia, Egypt and the UAE next year will deviate from the trend of most major economies in emerging markets, which will witness a slowdown, according to a report by Moody’s credit rating agency, which indicated that major projects will greatly support the Saudi economy, according to what was reported by Eqtisad Al-Sharq.
However, these expectations coincided with the agency lowering growth estimates for the year 2025 in both the Kingdom and Egypt, while raising them for the Emirates, compared to its estimates issued in the middle of the year.
The Saudi economy will grow by 4.7% in 2025, compared to 1.7% expected for the current year, as government-supported projects aimed at reducing dependence on oil will lead “strong” economic growth in the Kingdom, according to the report.
The Kingdom's gross domestic product (GDP) growth recorded for the first time in five quarters a growth rate of 2.8% on an annual basis in the third quarter of this year, supported by the growth of the non-oil sector, according to data from the Saudi General Authority for Statistics issued last month.
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