The International Monetary Fund (IMF) forecast in its “World Economic Outlook” that the Saudi economy will grow by 2.4 percent in 2019, up 0.1 percent from a previous forecast by the IMF last April.
The IMF raised its forecast for the next year's growth (2020) by 0.9 percent, compared with the expectations of last April, with final expectations at 2.5 percent, according to official figures.
According to the fund, the non-oil sector will gain further strength in 2019 as government spending increases and confidence improves, and in 2020 as oil sector growth in Saudi Arabia increases.
The International Monetary Fund (IMF) praised the financial reforms launched by Saudi Arabia since 2016, noting that the reforms are beginning to appear at the intersections of the local economy.
Saudi Arabia has succeeded in boosting the non-oil financial revenues through a package of economic measures that have been implemented since the last quarter of 2016, within the vision of the Kingdom of 2030, to diversify the sources of income. The Saudi government continues to implement its reform program, which includes fiscal reforms, reducing the value added tax registration, adjusting gasoline prices on a quarterly basis, and increasing the public fiscal transparency.
Source (Youm7 Website, Edited)
