The outlook for the Saudi economy looks positive as the Kingdom's non-oil GDP growth momentum is expected to remain strong, despite the uncertainty surrounding the external environment, according to a report issued by the International Monetary Fund (IMF).
In its report on Article IV consultations with Saudi Arabia, the IMF expected the Kingdom to be able to support growth thanks to higher oil prices in light of continued expectations of strong demand for crude during the remainder of the year and production cuts agreed within the OPEC+ alliance.
The IMF expects the Kingdom's real GDP to grow by 1.9 percent in 2023 and 2.8 percent in 2024, and non-oil real GDP growth of 4.9 percent in 2023 and 4.4 percent in 2024.
Source (Al-Arabiya.net Website, Edited)
