IMF Predicts Continued Economic Growth of Saudi’s Non-Oil Sectors
Strong domestic demand is projected to keep non-oil GDP growth at 3.5% in 2024.
The IMF mission to Saudi Arabia has predicted that the Kingdom’s non-oil economic sectors will remain strong, notwithstanding a decline in oil prices.
Further commenting on the Kingdom’s economic health, the IMF has noted that although lower oil prices would affect account balances, the sustained investment trend will continue. Strong domestic demand is projected to keep non-oil GDP growth at 3.5% in 2024, with further increased investments from the Public Investment Fund to potentially rise from USD 40 billion to USD 70 billion in coming years.
The country’s economic reform strategy is projected to potentially grow non-oil GDP from a high of 4.4% to 8%.
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