Mubasher TV
Contact Us Advertising   العربية

IMF raises projected growth for Saudi economy in 2021

IMF raises projected growth for Saudi economy in 2021
Global economy is projected to contract by 4.9% in 2020

Riyadh - Mubasher: The International Monetary Fund (IMF) now expects a stronger recovery for the Saudi economy next year, after raising the economic growth forecast for Saudi Arabia to 3.1% during 2021.

This marks an improvement of 0.2% compared to the April 2020 World Economic Outlook (WEO) forecast of a 2.9% growth rate, according to the June WEO update.

As for 2020, the IMF expects the kingdom’s gross domestic product (GDP) to contract by 6.8%, compared to previous estimates of 2.3%.

Global contraction is projected at 4.9% in 2020, 1.9% below the April 2020 WEO forecast.

“The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. In 2021 global growth is projected at 5.4%,” the statement read.