The Saudi economy is expected to grow 7.6 percent this year, up from 3.2 percent in 2021, on the back of soaring oil revenues, the International Monetary Fund said Wednesday.
The government's Vision 2030 reform programme, designed to reduce the kingdom's dependence on oil, has also given the economy a boost as more Saudis join the workforce, particularly women, the IMF said.
Gross domestic product was"expected to increase significantly to 7.6 percent in 2022 despite monetary policy tightening and fiscal consolidation, and a, thus far, limited fall-out from the war in Ukraine," the IMF said, while projecting GDP growth of 3.7 percent in 2023. Bumper oil revenues and increased tax revenues from the non-oil economy saw the overall fiscal balance improve by almost nine percentage points to a deficit of 2.3 percent of GDP last year, the IMF said.
The high oil price has been a major factor in the inflationary pain suffered by consumers worldwide but have led to windfall profits for oil majors and producer countries.
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