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HomeEconomySaudi Arabia’s Economy Set for Robust Growth

Saudi Arabia’s Economy Set for Robust Growth

IMF Projects Significant Economic Expansion by 2025

April 21, 2024
in Economy
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Foreign direct investors often gauge potential opportunities by examining a country’s economic growth rate. In this regard, Saudi Arabia has successfully maintained its position within the influential G20 group of countries.

The International Monetary Fund (IMF) has recently revised its projections for the Kingdom, increasing Saudi Arabia’s economic growth forecast by 0.5 percent to reach 6 percent by the year 2025, a notable improvement from the previously anticipated 5.5 percent in January.

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Our analyses have consistently shown that among G20 nations, Saudi Arabia, alongside India and Indonesia, boasts some of the highest economic growth rates. The IMF’s updated forecast suggests that Saudi Arabia’s economy is on track to achieve the second-fastest growth rate in 2025, just behind India, which is expected to grow at 6.5 percent.

Notably, this marks the second upward revision for the Kingdom’s economic growth rate for 2025 by the IMF this year. The World Economic Outlook report released earlier this month indicates a steady global economic growth rate of 3.2 percent for both 2024 and 2025, consistent with the growth rate for 2023. The report also highlights that while the global recovery is stable, it is gradual and differs across various regions.

Despite geopolitical developments in the region and worldwide, the International Monetary Fund has increased its growth forecast for Saudi Arabia’s economy by 0.5 percent, to 6 percent for 2025, up from the 5.5 percent predicted in January.

In another development, Saudi Arabia’s National Competitiveness Center, in collaboration with the World Bank Group, announced plans to create a knowledge center within the Kingdom. This initiative aims to foster a culture of economic reform on a global scale.

Officials from the World Bank Group have acknowledged this decision as a testament to Saudi Arabia’s significant strides in global competitiveness rankings and reports, largely attributed to economic reforms championed by Crown Prince Mohammed bin Salman.

The announcement was made in the presence of key figures such as Majid Al-Qasabi, Saudi Minister of Commerce and Chairman of the National Competitiveness Center; Princess Reema bint Bandar, Saudi Ambassador to the US; and Ajay Banga, President of the World Bank Group.

At the 16th BMG Financial Group’s Economic Forum, scheduled for July 3 at the London Stock Exchange, a dedicated panel will explore the IMF’s latest projections. The panel will feature insights from both global and Saudi economists, aligning with the forum’s theme: ‘Why Saudi and Why Now?’.

Tags: economic growthG20 EconomiesGlobal CompetitivenessIMF Forecastsaudi arabia
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