Ratings agency Standard & Poor’s has revised its outlook for Saudi Arabia from stable to positive.
S&P has also confirmed the short and long terms sovereign credit ratings as A- and A-2 respectively.
The upgrade is to reflect the kingdom’s increased GDP and an improved medium term budgetary forecast.
Saudi Arabia’s GDP grew by 3.2% in 2021 and by 6.4% in the last quarter.
The recovery from Covid-19 in addition to the developments in the oil sector and the progress of government reform programmes were all cited as contributory factors.
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