Saudi Arabia to see 2.4% economic growth next year: IMF

Saudi Arabia’s economic growth is set to rise to 2.2 percent and 2.4 percent in 2018 and 2019 respectively, the International Monetary Fund (IMF) said on Tuesday.

“Saudi Arabia’s economic growth was at 0.9 percent in 2017 and is projected to rise to 2.2 and 2.4 percent in 2018 and 2019 respectively,” said Jihad Azour, IMF Director of the Middle East and Central Asia Department Jihad Azour.

“It’s important to see, based on the revised medium-term program for the Vision 2030, what is being planned for next two years in terms of mega infrastructure projects as well as also the directions for public-private partnerships (PPP) and privatization initiatives,” Azour added, speaking on the sidelines of an event unveiling the IMF’s 2018-19 Middle East and Central Asia Economic Outlook Report.

He noted the fact that for an economy like Saudi Arabia which is the largest in the region, “several factors that come into play.”

“The Kingdom also needs to allow small and medium enterprises (SMEs) access to more funding to help implement economic reforms,” Azour said.

Write to Reem Abdellatif at reem.a@argaam.com