IMF: Reforms and investments in Saudi Arabia has a positive impact on growth

Dr. Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund, confirmed that the non-oil sectors will be the engine of growth in Saudi Arabia and the role of the Gulf in the coming years.

Azour added, in an interview with “Al Arabiya Business” during the spring meetings of the International Monetary Fund and the World Bank Group in Washington, that the continuation of reforms and investments in Saudi Arabia has a positive impact on growth.

He expected that non-oil activity would remain the main contributor to growth in the coming years, and that voluntary cuts in oil production, especially in Saudi Arabia, would continue to temporarily hinder growth this year.

He added, “It is expected that the ambitious plans to diversify economies and reduce dependence on oil and gas production, which is characterized by relative volatility, will enhance stability, making non-oil activity the main driver of growth in the future, especially in the Sultanate of Oman, Saudi Arabia, and the UAE.”