The International Monetary Fund (IMF) expected that Saudi Arabia would be the second largest country among the G20 in economic growth in 2025.
IMF raised its expectations for the Saudi economy’s growth during the next year 2025 to 6 per cent, compared to 5.5 per cent, a previous forecast last January.
As for inflation, IMF expected it to reach 2.3 per cent this year, and to continue to slow next year, to 2 per cent.
The rate of inflation in Saudi Arabia slowed to 1.6 per cent last March on an annual basis, down from 1.8 per cent in February 2024.
The Fund’s new forecasts come a day after the World Bank raised its forecast for the growth of the Saudi economy in 2025 to 5.9 per cent, up from 4.2 per cent previously expected last January.
It expected the non-oil private sector to continue its strong growth to record 4.8 per cent thanks to expansionary public finance policies.
Last March, the Saudi government approved an agreement to open a regional office for IMF in Riyadh, the Saudi Press Agency reported.
The World Bank Group announced that it has chosen Saudi Arabia as a knowledge center in order to spread the culture of economic reforms globally.
The World Bank selected the Kingdom as a global knowledge center for economic reforms due to its seven-year pioneering experience. This experience includes implementing an integrated business model, resulting in high effectiveness and compliance rates with reform goals. The international financial institution chose Saudi Arabia as a partner, with its experience serving as a valuable path for other countries seeking to boost their competitive capabilities.
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