The head of the International Monetary Fund's mission to Saudi Arabia, Tim Kalin, predicted the Kingdom's high growth rate for the current year, stressing that "the continuation of economic reforms will promote this growth."
Kalin Pointed out that "Saudi Arabia is moving ahead with economic reforms and on this basis the Kingdom's non-oil economy is expected to grow rapidly this year." "IMF estimates of Saudi economy acceleration in the coming years are based on expectations of a wide range of reforms, and does not include the impact of the initial IPO expected for shares of the world oil giant Aramco.”
He added: "Government spending and rising oil prices will drive the economic growth. In the medium term, we believe that the series of economic reforms and laws that the Kingdom has begun to implement will support our expectations of a 1.9 per cent growth this year compared to 0.9 per cent last year for the Saudi GDP".
Source: (Al Arabiya.net, Edited)
