Saudi Arabia Reaping Benefits of Transparent Economic, Financial policies: IMF
The International Monetary Fund (IMF) disclosed that the Saudi economy is one of the highest growth rates among the largest economies at 7.6 percent.
Amine Mati Assistant Director, Mission Chief for Saudi Arabia, and Head GCC Division confirmed that the Kingdom is reaping the fruits of transparent economic and financial policies and good management of the “Covid crisis.” -19» and the efficacy of economic reforms that led to increased jobs and continued improvement in living standards, as well as upward growth.
Mati said in an interview with “Asharq Al-Awsat” newspaper that the Kingdom’s vision, which is supported by the National Investment Strategy and the Public Investment Fund, promotes the transformation of the economy, including increasing the contribution of the non-oil sector, driven by digitization and the rapid growth of the tourism sector with the growing role of digitization, government, and e-commerce.
He pointed out that digitization, along with smart city projects, hyperconnectivity, artificial intelligence, advanced robotics, smart analytics, and scalable systems, is priorities that enhance innovation and raise productivity.
Matti expected that the Saudi economy will achieve a growth rate of 3.7 for the year 2023, while the world is facing reasons slowing the growth of the economy, with risk factors that are widely balanced at the current stage, noting that the full implementation of the government agencies concerned with the national investment strategy, will enhance growth to a degree higher than expected by the IMF.
He continued, “Saudi Arabia is recovering strongly in the wake of the deep recession caused by the epidemic, while sound macroeconomic policies, pro-business transformational structural reforms, and increases in oil prices and production, are promoting the Kingdom’s recovery,” expecting slower growth of the global economy, in light of the repercussions of the Russian -Ukrainian war.
