IMF Predicts Saudi Economy to Continue to Grow in 2018-19

IMF Predicts Saudi Economy to Continue to Grow in 2018-19

Tuesday, 9 October, 2018 - 19:30
The Kingdom Center Tower in Riyadh, Saudi Arabia. (Reuters)
Asharq Al-Awsat
The Saudi economy is expected to continue to grow during the 2018-19 fiscal year following a shrink of 0.9 percent in 2017, said the International Monetary Fund (IMF).

It said that the growth is a result of the Kingdom’s establishment of a capital market through increasing the financing of small and medium size enterprises (SMEs) and expanding funding channels, it said in a report.

It also credited the growth to non-oil economic activity and expected increase of crude production.

Energy prices have shot up since the release of the previous IMF report in April 2018. Since then, Saudi Arabia has exerted efforts to restore stability in the global oil market.

The report predicted a rate of growth in the Middle East and North Africa of 2.2 percent in 2018 and 2.5 percent in 2019.

Editor Picks

Multimedia