Saudi non-oil sector to grow nearly 5% in 2023: IMF

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Saudi Arabia’s non-oil sector growth will remain close to 5% in 2023, despite lower overall growth reflecting additional oil production cuts, the International Monetary Fund (IMF) said.

The economy’s non-oil growth has been spurred by strong domestic demand, particularly private non-oil investment. Sustaining this performance requires pursuing sound macroeconomic policies and maintaining the reform momentum, irrespective of developments in oil markets.

Diversification has been driven by improvements in the regulatory and business environment. As a result of a new set of laws to promote entrepreneurship, protect investors’ rights, and reduce the costs of doing business, the IMF added.