The International Monetary Fund expected a gradual recovery of the Saudi economy in the second half of the year 2020, indicating that this is not without challenges in the conditions of "uncertainty" that the global economy is going through and based on continuing health care support, stimulating the private sector, and generating jobs.
In this context, Tim Klein, head of the International Monetary Fund’s mission to Saudi Arabia, pointed out, “The latest IMF forecast in the global economic forecasts in June 2020 indicated that the global economy will shrink by 4.9% this year and grow by 5.4% in 2021. There is still a great deal of uncertainty about the global economic outlook."
Klein explained, "It is expected that the Saudi economy will gradually recover in the second half of this year with the end of the closures, as some sectors will work better than others, and the strength of the recovery will depend on people restoring confidence in carrying out economic activity and constant vigilance about the virus to ensure that new cases are contained well".
Klein explained that "Saudi Arabia has put in place a strong package of support measures for the economy, which undoubtedly helped mitigate the economic repercussions resulting from the Coronavirus."
Source (Al-Arabiya.net, Edited)
