The International Monetary Fund expected Saudi gross domestic product to grow by 2.1 percent by the end of this year and 4.8 percent next year, compared to a previous estimate of the fund at 4 percent.
The fund estimated that Saudi non-oil GDP growth will reach 3.9 percent by the end of 2021 and 3.6 percent in 2022. Real GDP will contract by 0.5 percent in 2021 in light of the levels of oil production agreed upon in the framework of OPEC +. The IMF also expected a decrease in the fiscal deficit to 4.2 percent of GDP this year, which is slightly less than expected in the budget.
Real non-oil GDP growth recovered in the second half of 2020, and non-oil growth is expected to reach 3.9 percent in 2021 and 3.6 percent in 2022, against a decline of 2.3 percent in 2020.
In this context, the Saudi Minister of Finance, Muhammad Al-Jadaan, praised the expectations of the IMF, pointing out that these expectations confirm the success of the Kingdom's government in achieving tangible positive results within a year that is the most difficult for the whole world, given the repercussions of the Corona pandemic, fluctuations in oil prices, sharp economic fluctuations, declining global demand, slowing growth and other challenges that the Kingdom's government has overcome, while continuing to implement programs, plans and targets of the Kingdom's Vision 2030.
Source (Al-Arabiya.net, Edited)
