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IMF raises Saudi economy growth forecast to 2.9% in 2021

IMF raises Saudi economy growth forecast to 2.9% in 2021
The IMF kept its 2022 economic growth estimates for Saudi Arabia unchanged

Riyadh – Mubasher: The International Monetary Fund (IMF) revised its economic outlook for Saudi Arabia, expecting 2.9% growth in 2021 instead of the 2.6% projected earlier this year, according to the World Economic Outlook report.

The IMF kept its 2022 economic growth estimates for Saudi Arabia unchanged at 4%.

The outlook for both years is compared with a contraction of 4.1% in 2020, according to the IMF.

The projections for the Kingdom “are based on the IMF staff’s understanding of government policies as outlined in the 2021 budget,” the report highlighted.

Global growth, meanwhile, is projected at 6% in 2021, moderating to 4.4% in 2022.

“The upward revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of 2021, and continued adaptation of economic activity to subdued mobility,” according to the IMF report.