The International Monetary Fund (IMF) has highlighted solid indicators for the Saudi economy, expecting a 7.6 percent overall GDP growth in 2022, according to a report. Non-oil growth will increase to 4.2 percent in 2022, with the current account surplus increasing to 17.4 percent of GDP in 2022.An IMF mission conducted discussions for the 2022 Article IV Consultation from May 23-June 6 and issued a concluding statement describing their preliminary findings.
“The near and medium-term outlook for Saudi Arabia is positive as growth is picking up, inflation will remain contained, and the external position will strengthen further,” the IMF mission said in a concluding statement describing their preliminary findings on the Saudi economy.
The Fund indicated that the Kingdom managed the COVID-19 pandemic well and is well-positioned to weather the risks posed by the war in Ukraine and the monetary policy tightening cycle in advanced economies.
“Economic activity is picking up strongly, supported by a higher oil price and the reforms unleashed under Vision 2030,” read the statement.
