IMF Sees Saudi Non-Oil Growth Rebounding as Economy Recovers
- IMF sees 2.1% expansion this year accelerating to 4.8% in 2022
- Team recommends more safety net spending to support households
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The International Monetary Fund expects Saudi Arabia’s economic recovery to gather speed over the next two years but recommended increasing spending to support low-income households that have struggled to adapt to austerity measures.
The fund expects the biggest Arab economy to grow 2.1% this year -- revised down from a recent projection of 2.9% -- gathering speed to reach 4.8% growth in 2022, according to a statement issued after its regular Article IV consultation with the kingdom. Non-oil growth, the engine of job creation, is projected at 3.9% this year and 3.6% next year.