IMF maintains forecasts for Saudi economic growth at 4.8%, 2.8% for 2022 and 2023

Kingdom of Saudi Arabia's flag

The International Monetary Fund (IMF) reiterated its forecasts for the growth of the Saudi economy at 4.8% during 2022, while it lowered its projections for the growth of the global economy for this year due to the high infections of the COVID-19 virus, supply chain disruption and accelerating inflation.

The IMF also kept its forecast unchanged for the growth of the Saudi economy during the next year at 2.8%.

In its World Economic Outlook report, the IMF said that it expects global GDP to grow by 4.4% in 2022, which is 0.5% lower than previous estimates, and also less than the 5.9% recorded last year.

The global economy is entering 2022 in a weaker situation than previously expected, which reflects the emergence of negative surprises such as the emergence of the Omicron variant and current market fluctuations, according to the report.

Meanwhile, the IMF upgraded its forecast for global economic growth in 2023 by 0.2% to 3.8%, warning of the repercussions of the new COVID variant.