IMF sees Saudi non-oil economy to continue strong growth through 2023

31/01/2023 Argaam
The Kingdom of Saudi Arabia's flag

The Kingdom of Saudi Arabia's flag

The International Monetary Fund (IMF) said it expects the strong growth of the Saudi non-oil economy to continue in 2023.

 

However, it forecasts a decline in oil production to comply with the OPEC+ agreement.

 

In its World Economic Outlook report, the IMF lowered its GDP growth estimates for the Kingdom by nearly 1.1% to 2.6% in 2023, but raised its forecast by about 0.5% to 3.4% for 2024.

 

On the other hand, the fund raised its projection for global economic growth by 0.2% to 2.9% in 2023, while lowering it by 0.1% to 3.1% for 2024.

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