Saudi Arabia projects its 2024 fiscal deficit will widen to nearly 3% of GDP

"Saudi Arabia projects its 2024 fiscal deficit will widen to nearly 3% of GDP as it ramps up spending to meet its Vision 2030 goals. Despite lower oil prices and production cuts, the kingdom is committed to boosting growth and diversifying its economy. Total revenue is expected to hit 1.24 trillion riyals, with government spending at 1.36 trillion. By 2025, GDP growth is expected to accelerate to 4.6%, partly due to increased oil production."