Standard&Poor's (S & P) has confirmed its credit rating of the kingdom in local and foreign currency to"A/A-1" with a stable outlook, according to its recently released report.
The agency explained in its report that its confirmation of the kingdom's credit rating came against the background of the kingdom's continued efforts with notable reforms in recent years, and its achievement of structural improvements that contributed to supporting the sustainable development of the non-oil sector, in addition to the efforts of Public Finance Management, and maintaining a balanced level of public debt.
The agency expected the kingdom's GDP to grow by 0.2% during the current year, due to the decrease in oil production volumes, and also expected its growth to increase by 3.4% during the years 2024-2026, based on the increase in the amount of expected oil demands, in addition to the noticeable growth in the non - oil sector in the kingdom.
The agency also pointed out that the kingdom's government continues to strive to achieve the goals of the kingdom's Vision 2030 aimed at the growth of the non-oil sector by supporting investment in economic diversification projects, in addition to empowering the Saudi skilled workforce instead of foreign ones, and raising women's participation in it.