RIYADH: International credit rating agency, S&P, updated its outlook for Saudi Arabia from a stable to positive as the economy’s recovery from the pandemic is accelerating, fueled by higher oil prices.

The agency also affirmed the long- and short-term foreign and local currency sovereign credit ratings to “A- / A-2”. 

The positive outlook reflects the improved GDP growth and public finances in the medium term, linked to the Kingdom’s recovery from the COVID-19 pandemic impact, developments in the oil sector, and ongoing government reform programs.

The agency also expected that the Kingdom, in the medium term, will continue its policy to drive growth in the non-oil sectors through planned economic diversification, add more Saudis to the workforce, and increase the participation of women in the workforce to improve the work environment.