Riyadh – Mubasher: Saudi Arabia’s growth is expected to reach 2.2% in 2020, according to a recent report by the International Monetary Fund (IMF).
The kingdom will record a nominal growth of 0.2% during 2019.
“While non-oil growth is expected to strengthen in 2019 on higher government spending and confidence, oil GDP in Saudi Arabia is projected to decline against the backdrop of the extension of the OPEC+ agreement and a generally weak global oil market,” the report said.
The report noted that the impact on the growth of the recent attacks on Saudi Arabia’s oil facilities is difficult to gauge at this stage, but adds uncertainty to the near-term outlook.
Moreover, growth is projected to pick up in 2020 as oil gross domestic product (GDP) stabilizes and solid momentum in the non-oil sector continues.
