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The International Monetary Fund has raised its economic growth forecasts for Saudi Arabia as oil prices rise, though the pace of expansion remains below government estimates.
Gross domestic product will likely grow 1.6 percent this year, the IMF said on Monday, compared with an earlier forecast of 1.1 percent. The Washington-based lender also revised its 2019 economic growth forecast to 2.2 percent from 1.6 percent. The government expects GDP to grow 2.7 percent this year.
“While stronger oil prices are helping a recovery in domestic demand in oil exporters, including Saudi Arabia, the fiscal adjustment that is still needed is projected to weigh on growth prospects,” the IMF said in an update to its World Economic Outlook report.
Saudi Arabia’s economy contracted 0.5 percent last year as the kingdom struggled to cope with crude oil prices and spending cuts aimed to lowering its budget deficit. A surge in oil prices to almost $70 a barrel has given a tailwind to the government’s efforts to revive growth.
The government plans to raise public spending to a record in 2018, and King Salman ordered extra pay for government workers this month to help offset the impact of measures such as subsidy cuts and the introduction of value-added taxation.
The 30th edition of the IMD World Competitiveness Yearbook, saw a slight decrease in the ranking of the Kingdom of Saudi Arabia, moving down three places, and landing on 39th.
Saudi Arabia’s “ambitious” reform program is set to accelerate the Kingdom’s economic growth this year, according to the International Monetary Fund (IMF).
Following discussions with Saudi
Recovery continues on the real estate market in the Sultanate with sales showing a robust growth in the first four months of 2018, compared to the same period of last year.
Times of Oman
According to the World Competitiveness Yearbook 2018, which it is annually published by the International Institute for Management Development (IMD), Qatar ranked highly in the report, included: econ
The Central Bank of the UAE (CBUAE), on Wednesday published the Financial Stability Report for the year 2017. The report provides information on the strengths and vulnerabilities of the UAE financial
The Gulf Today