The International Monetary Fund (IMF) mission, which visited Saudi Arabia for the Fourth Article consultations in May, announced that the economic reforms in the Kingdom had achieved positive results as the non-oil economy recovered, helping to improve the economy in 2018.
The IMF predicted that non-oil real economic growth would accelerate by 2.9 percent in 2019, boosting the overall economic growth to 1.9 percent, up from its previous estimate of 1.8 percent. Explaining that the increased government spending and the implementation of reforms are to support of economic growth.
According to IMF, the non-oil real growth accelerated to 2.9% in 2019, indicating that the rising public spending in Saudi Arabia would support growth, but it would also drive the budget deficit to 7% of GDP this year.
The IMF estimates are based on the assumption that the average oil production is 10.2 million barrels per day and the average price of oil at 65.5 dollars per barrel.
Source: (Al-Arabiya.net, Edited)
