IMF projects Saudi economy to grow 1.7% in 2024

16/07/2024 Argaam

IMF projects Saudi economy to grow 1.7% in 2024

The Kingdom of Saudi Arabia's flag

The International Monetary Fund (IMF) trimmed its forecast for Saudi economic growth to 1.7% for 2024, compared to its former 2.6% estimate issued last April. 

 

In its Global Economic Outlook report issued today, July 16, the fund indicated that slashing its Saudi economic growth expectations by 0.9% for the current year primarily reflects the extension of oil production cuts. 

 

It also expected the Saudi economy to advance by 4.7% in 2025, compared to its previous projection issued in April of 6%, marking a 1.3% downgrade. 

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