Video|6 February 2025

MENA | Is Saudi Arabia’s Non-Oil Boom Setting the Stage for Sustained Growth?

Scott Livermore
Scott Livermore
Chief Economist & Managing Director
MENA | Is Saudi Arabia’s Non-Oil Boom Setting the Stage for Sustained Growth?


Saudi Arabia’s latest PMI signals the strongest non-oil economic growth since 2014, driven by robust domestic demand. This strength is also reflected in Fitch’s recent rating affirmation, which maintained Saudi Arabia at A+ with a stable outlook. The rating is supported by solid fiscal and external balances. We expect the government’s net asset position to remain strong through 2025, with non-oil growth reaching nearly 6%.


Fitch maintained Turkey’s credit rating at BB- with a stable outlook, despite government speculation about a potential upgrade. While policy adjustments continue amid elevated inflation, improved international reserves provided some support. January inflation exceeded market expectations, easing only slightly to 42.1% from 44.4% in December. We anticipate the disinflation trend to persist, with a 250bps rate cut expected in March, followed by further easing in the subsequent months.


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