Monetary Fund: The improvement of the Saudi economy exceeded expectations

The Director of the Middle East and Central Asia Department at the International Monetary Fund, Jihad Azour, said: The improvement of the Saudi economy in the second half of last year exceeded expectations, indicating that the reduction of growth expectations for the current year by 0.5% to 2.6% is due to the additional reduction in the Kingdom’s oil production. By one million barrels per day, the fund raised its forecast for the growth of the Saudi economy for the next year to 4% compared to its previous forecast in October. Oil will continue to improve, indicating the importance of giving a greater role to the private sector in light of the large investments that the Kingdom intends to pump, in reference to the 150 billion riyals that the Public Investment Fund will pump this year, and the International Monetary Fund expects that the economic recovery will accelerate in the Middle East and North Africa this year. Rather, it is “disproportionately” due to the imbalance in the ability of the countries of the region to obtain vaccines for the Coronavirus, and the region that includes all Arab countries suffered from its worst economic performance in decades due to low prices Oil, comprehensive closures and curfews to prevent the spread of the virus, and the region’s economy shrank by 3.8% in 2020, but the IMF expects growth of 3.1% this year and by 4.2%, next year amid a recovery in oil prices and the process of distributing virus vaccines, and the Minister of Finance, Muhammad Al-Jadaan said: The year 2021 will be the year of economic recovery, indicating that “(Vision 2030) has helped to confront the Covid-19 crisis and redirect expenditures to focus on the priority of health of citizens and residents.

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