The credit rating agency \u201cMoody\u2019s Ratings\u201d upgraded the Kingdom of Saudi Arabia\u2019s credit rating to \u201cAa3\u201d in local and foreign currency, with a \u201cstable\u201d outlook.
\nThe agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom’s ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia\u2019s exposure to oil market developments and long-term carbon transition on its economy and public finances.
\nThe agency commended the Kingdom’s financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government\u2019s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom’s non-oil economy and maintaining a strong fiscal position.
\nIn its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
\nMoody’s expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom\u2019s exposure to oil market developments.
\nIn recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom’s ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom’s strong and resilient fiscal position.<\/p>\n","protected":false},"excerpt":{"rendered":"
The credit rating agency \u201cMoody\u2019s Ratings\u201d upgraded the Kingdom of Saudi Arabia\u2019s credit rating to \u201cAa3\u201d in local and foreign currency, with a \u201cstable\u201d outlook. The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom’s ongoing progress in economic diversification and the robust growth of its non-oil […]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24341","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/investsaudi.sa\/backend\/wp-json\/wp\/v2\/posts\/24341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investsaudi.sa\/backend\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investsaudi.sa\/backend\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investsaudi.sa\/backend\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/investsaudi.sa\/backend\/wp-json\/wp\/v2\/comments?post=24341"}],"version-history":[{"count":0,"href":"https:\/\/investsaudi.sa\/backend\/wp-json\/wp\/v2\/posts\/24341\/revisions"}],"wp:attachment":[{"href":"https:\/\/investsaudi.sa\/backend\/wp-json\/wp\/v2\/media?parent=24341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investsaudi.sa\/backend\/wp-json\/wp\/v2\/categories?post=24341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investsaudi.sa\/backend\/wp-json\/wp\/v2\/tags?post=24341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}