By Innovation-sa on October 15, 2018 in News
The World Economic Outlook (WEO) report published by the International Monetary Fund projected a 2.2 percent increase in Saudi economic growth in 2018 followed by 2.4 percent in 2019.
Meanwhile, the report, which will be discussed during the annual IMF and World Bank meetings at Bali, Indonesia, exposes a drop in global growth projections and reductions in growth estimates for most developed and emerging economies in 2018 and 2019.
The IMF’s vote of confidence is a proof of the effectiveness and positive impact of economic reforms and fiscal measures implemented by the Saudi government in line with the Fiscal Balance Program and Vision 2030, said Mohammed bin Abdullah Al-Jadaan, the Saudi Minister of Finance.
He further said that the public-finance strategy undertaken by the Kingdom will reduce deficit rates, enhance sustainability, develop social-spending habits, modernize infrastructure, stimulate the private sector and develop the service sector to support economic growth and employment in the medium term.
Saudi Arabia’s gross domestic product (GDP) increased by 1.4 percent during the first half of 2018, in contrast to a GDP fall of 0.8 percent last year during the same period. He added that the structural economic reforms are expected to boost growth in the medium and long term.
Arab News– 13 October 2018