Sunday 19 May 2024

Saudi economy to grow

IMF further boosts Saudi Arabia’s 2025 growth forecast

RIYADH, 29 days ago

The International Monetary Fund (IMF) has further strengthened its positive outlook for the Saudi Arabian economy by revising its 2025 growth forecast upwards for the second time this year, a report said.

In its April "World Economic Outlook" report, the IMF raised the expected growth rate for the kingdom to 6%, up from the 5.5% projection issued in January 2024, Saudi Press Agency, said.

This upward revision comes despite the IMF maintaining a stable global growth forecast of 3.2%. Consequently, Saudi Arabia is now projected to be the second-fastest growing economy in 2025, trailing only India's anticipated growth rate of 6.5%.

The fund's report highlights the ongoing strength of the Saudi economy, emphasising its resilience and positive performance despite global challenges.

Additionally, the report acknowledges the kingdom's success in diversifying its revenue streams, with non-oil revenue reaching unprecedented levels. These factors contribute to Saudi Arabia's growing leadership position on the regional and international economic stage.

The IMF's revised forecast underscores continued optimism regarding the kingdom's economic trajectory.



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