The international credit rating agency "Moody's" updates that Saudi Arabia's credit rating to be remained at "A1", with a negative outlook as a result of the external shocks due to the global crisis of the spread of Covid-19.
The agency stressed in its report that the structural reforms in the Kingdom led to narrowing the fiscal deficit in the first quarter of this year, adding that the non-oil sector continues to recover, backed by the strong growth of infrastructure of real estate products.
The agency also said that plans to diversify the economy in the Kingdom will contribute to raising growth in the medium to long term, in addition to the structural and organizational reforms that supported improvement in the competitive ability.
Moody's expects Saudi real GDP growth to reach 1.6% and 5% in 2021 and 2022, respectively.