The “Monetary Fund” raises the growth estimate of the “Saudi economy” to 4.8% during 2022


The International Monetary Fund expected real GDP growth in Saudi Arabia by 2.1% in the current year and 4.8% in the next year, compared to a previous estimate of the fund at 4%, according to Al-Arabiya.

A fund statement said today, Monday, that the expected growth of Saudi non-oil GDP will reach 3.9% in 2021 and 3.6% in 2022.

The IMF stated that real GDP will shrink 0.5% in 2021 in light of the levels of oil production agreed upon in the framework of OPEC +.

The fiscal deficit is expected to drop to 4.2% of GDP this year, which is slightly lower than expected in the budget.

Last month, the International Monetary Fund, in its World Economic Outlook, raised its estimate for the growth of the Saudi economy by 2.9% in 2020, instead of 2.6% in its previous forecast during January 2021, while maintaining its estimates for 2022 at 4%.

The fund expected the economy of the Middle East and Central Asia region to grow by 3.7% in 2021, 3.8% in 2022, and to contract by 2.9% in 2020.

Global growth is expected to reach 6% in 2021, and then decline to 4.4% in 2022.

According to the Fund, the global outlook is still surrounded by a great deal of uncertainty a year after the start of the pandemic. Of concern is the emergence of new mutated virus strains and the accumulation of human losses as a result of the pandemic, at a time when vaccination coverage increases and sends a sense of optimism.

The article “The Monetary Fund” raises estimates of the growth of the “Saudi economy” to 4.8% during 2022 was written in the newspaper Al-Borsa.