Saudi Arabia’s economy is expected to more than double in size by 2022, according to the IMF.
Saudi Arabia’s economy is expected to more than double in size by 2022, according to the International Monetary Fund, as oil prices reach multi-year highs.
The International Monetary Fund, or IMF, has boosted its prediction for Saudi GDP growth from 7.6% last year to 7.6% this year.
The IMF forecasts GDP to decrease to 3.6 percent in 2023, up from an earlier estimate of 2.8 percent, according to its World Economic Outlook released today.
“We upgraded our forecasts of the Saudi economy’s growth rate by 2.8 percentage points,” the report stated, “which reflects the rise in oil production in compliance with the OPEC+ agreement, as well as greater non-oil output growth exceeding expectations.”
Saudi inflation, according to the IMF, will be around 2.5 percent in 2022, down from last year, and will continue in 2023.
According to the report, rising commodity prices and broadening price pressures have resulted in inflation projections for 2022 of 5.7 percent in advanced economies and 8.7 percent in emerging market and developing economies, respectively, 1.8 and 2.8 percentage points higher than projected in January.