The strategy will contribute to the growth and diversification of the Kingdom’s economy, which, in turn, will achieve many of Vision 2030’s goals, including raising the private sector’s contribution to GDP to 65 percent while increasing the contribution of foreign investments to GDP to 5.7 percent.

World Bank forecast

On Tuesday, the World Bank revised Saudi Arabia’s 2022 growth forecast from 3.3 percent to 4.9 percent. Its October’s economic update for the Middle East and North Africa region said the Kingdom’s growth will partly be driven by a significant rebound in the oil sector in 2022 following OPEC+ production cuts that are in place until December 2021.

The World Bank report upgraded Saudi Arabia’s exports growth by more than double from 4.7 percent to 9.6 percent.

The Kingdom’s industrial output is now expected to grow by 5.4 percent, up from April’s forecast of 2.4 percent.

Improving vaccination rates, elimination of pandemic-related restrictions and resumption of religious tourism will likely boost Saudi non-oil output, which is expected to grow by 4 percent in 2021 and 3.3 percent in 2022.