By: Omnia Osama—The International Monetary fund (IMF) has expected 4.7% increase in the Kingdom’s economy by 2025.
The Fund’s expectations affirmed that the economy growth will reach 1.7% this year, compared to June 2023.
Additionally, IMF saw that GDP growth in oil will increase to 5.1% next year. However, the oil production cut down this year to 4.6%.
Economists had expected that GDP growth will accelerate to around 4.5% in 2025 after this year’s notable reduction in investment.
Last year, private-sector investments in the Kingdom reached 57 while, the arts and entertainment sector grew by 106%, and real service exports saw a remarkable increase of 319 %.
IMF analysis was the most significant among major economies and has impacted the broader Middle East and North Africa (MENA) region, which is now projected to grow by 2.2 per cent this year.
The international Fund has reported that Saudi Arabia is undergoing a significant economic transformation under Vision 2030 initiative aiming to reduce its dependence on oil.
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