According to the International Monetary Fund (IMF), which has boosted its growth projection for Saudi Arabia, rising oil prices will push the country’s economy into a high-growth mode, more than doubling this year.
The IMF is targeting 7.6% growth, raising its forecast by 2.8%. While much of this can be attributed to high oil prices, the IMF has also highlighted an increase in non-oil revenues, which it expects to continue.
The IMF is targeting 7.6% growth, raising its forecast by 2.8%
In its World Economic Outlook report, the IMF said: “We raised our estimates of the growth rate of the Saudi economy by 2.8 percentage points, which reflects the increase in oil production in accordance with the OPEC+ agreement, in conjunction with the more non-oil output growth exceeding expectations.”
The IMF’s double-growth projections for Saudi Arabia come as it slashes its forecast for overall economic growth from 6.1% in 2021 to 3.6% in 2022 and 2023.
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