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Saudi Arabia’s economic recovery seen positive in 2021

Saudi Arabia’s economic recovery seen positive in 2021
Al Mubarak partially attributed the outlook to rebounding oil prices

Riyadh – Mubasher: Saudi Arabia’s economic recovery is likely to be positive this year, Reuters cited Governor of the Saudi Central Bank (SAMA) Fahad Al Mubarak as saying.

The official partially attributed the outlook to rebounding oil prices, besides initial economic indicators during the first quarter of 2021, which were supportive to the Kingdom’s economic growth.

Achieving stable oil prices is good for Saudi Arabia, producers, consumers, and the entire region, Al Mubarak added.

Saudi Arabia has recently renewed several stimulus programmes launched in 2020 to support the economy during the COVID-19 crisis. The governor said it was not wise to halt those schemes until actual economic recovery is achieved.

The International Monetary Fund (IMF) has changed its real gross domestic product (GDP) projection for Saudi Arabia to 2.9% in 2021 after it expected last February the Kingdom’s economy will grow by 2.6%.