Affirming Saudi Arabia’s continuous growth, the International Monetary Fund revealed that the Kingdom’s gross domestic product is expected to rise by 4 percent in 2024.
In its latest report, the IMF reduced its forecast for the growth of the Saudi economy in 2023 to 0.8 percent compared to previous estimates.
These fiscal projections are established primarily on its understanding of government policies outlined in the 2022 budget. Revenues are based on the World Economic Outlook baseline oil price assumptions and the IMF staff’s understanding of current oil policy under the Organization of the Petroleum Exporting Countries and its allies, known as the OPEC+, agreement.
The organization noted: “The global economy is limping along, not sprinting. The world economic growth will slow from 3.5 percent in 2022 to 3 percent this year and 2.9 percent next year, a 0.1 percentage point downgrade for 2024 from July.”
The report indicated a decrease in consumer prices, forecasting a decline to 2.2 percent in 2024, down from 2.5 percent in 2023.—AN
