IMF keeps its growth outlook for Saudi economy this year at ‎‎7.6%‎

The International Monetary Fund (IMF) on Wednesday kept its forecast for the growth of the Saudi economy in 2022 unchanged, while encouraging the kingdom to maintain its oil revenues in a “sustainable manner” to benefit from higher prices.

The Fund said in a report on Saudi Arabia that its economy will grow by 7.6% this year, unchanged from its latest forecast, and that inflation is expected to remain at 2.8% this year.

The fund added, “Managing oil revenues in a sustainable manner, so that spending does not increase and decrease in line with the oil price, would enhance fiscal sustainability and prevent a return to previous oil-driven boom and bust cycles.”

The IMF report added, “The same is true of far-sighted budget planning and policies aimed at diversifying the economy.”