IMF Expects 7.6 percent Growth for Saudi Arabia

  • Riyadh, KSA
  • 24 June 2022

The International Monetary Fund report showed strong indicators for the Saudi economy, as it expected a 7.6 percent GDP growth this year, and the growth of the non-oil sector rose to 4.2 percent, with the current account surplus increasing by 17.4 percent of the total output, indicating Saudi Arabia's ability to contain overall inflation at 2.8 percent.

Indicators of the International Monetary Fund showed the strength of the Kingdom's economy and the strength of its financial position, indicating that the economic prospects for Saudi Arabia are positive in the short and medium terms, with the continued recovery of growth rates and the containment of inflation, in addition to the increasing strength of its external economic position.

The Fund indicated that the Kingdom has succeeded in dealing with the Corona virus pandemic, and that it is in a favorable position to overcome the risks posed by the war in Ukraine and the monetary policy tightening cycle in advanced economies. According to the IMF, economic activity is witnessing a strong improvement, supported by the rise in oil prices, the reforms undertaken by the government within the framework of "Vision 2030", and the limited impact of tightening global conditions thanks to the strong levels of capitalization enjoyed by the banking sector.

Source (Al-Sharq Al-Awsat Newspaper, Edited)

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