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Non-Oil Economy is expanding in Saudi Arabia: IMF

Unemployment rate in Saudi Arabia fell to 9.7% in 2022 Q2

Director of the Middle East and Central Asia Department at the IMF, Dr. Jihad Azour, revealed that Saudi Arabia has succeeded in controlling inflation and has succeeded in improving its non-oil economy.

Azour affirmed, on the sidelines of the IMF and World Bank meetings, that the IMF expected the kingdom’s economy to grow by more than 7.6% this year, noting that the recovery in the Saudi economy continues with greater momentum.

He explained that this came as a result of several factors, including the measures taken in 2020 and 2021; to protect the economy from the repercussions of the Corona pandemic, as well as the expansion of the non-oil sector and its orientation towards new sectors.

Azour noted that the rise in oil prices and production has strengthened during the past two years the momentum of improving the Kingdom’s economy.

“The Saudi economy is thriving and its prospects are good due to the large reserves and the control of inflation, and the rise in gas and oil prices was a positive factor for improving economic conditions in the oil-exporting countries,” Azour said.

He pointed out that this varies according to the conditions of those countries, as there are countries, in addition to the improvement of the oil sector, that have developed other sectors, especially the Gulf countries.

He mentioned that other countries have improved their economic conditions to varying degrees.

Azour expressed his concern over a debt crisis, especially in emerging countries, with unfavorable economic developments, including high levels of inflation and an increase in interest rates.

He further stressed the importance of precaution and taking the necessary measures.

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