IMF holds Saudi Arabia 2022 economic growth forecast at 7.6%
2022.08.17 13:46
A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
DUBAI (Reuters) – The International Monetary Fund (IMF) on Wednesday kept its 2022 economic growth forecast for Saudi Arabia unchanged, while encouraging the kingdom to maintain its oil revenues in a “sustainable manner” as it benefits from booming prices.
The IMF said in a report on Saudi Arabia that its economy would grow by 7.6% this year, unchanged from its most recent forecast, and that inflation was expected to remain at 2.8% for the year.
“Managing oil revenues in a sustainable manner, so that spending does not rise and fall in line with the price of oil, would promote fiscal sustainability and prevent a return to previous oil-driven cycles of boom and bust,” the IMF said.
“So too would far-sighted budget planning and policies to diversify the economy,” the IMF report added.
