IMF Praises Saudi Arabia's Economic Transformation
Saudi Arabia’s unprecedented economic transformation is advancing well, supported by prudent government policies and successful diversification efforts, according to the International Monetary Fund. The IMF highlighted growing domestic demand, ongoing financial reforms, and comprehensive environmental policies. Saudi Arabia's GDP growth is projected to accelerate to 4.5 percent in 2025 and stabilize at 3.5 percent per year, with a strong focus on non-oil growth and environmental sustainability.
Saudi Arabia’s unprecedented economic transformation is advancing well, supported by prudent government policies and successful diversification efforts, according to the International Monetary Fund (IMF).
In a recent report, the IMF highlighted growing domestic demand, ongoing financial reforms, and comprehensive environmental policies.
The report follows the Organization for Economic Co-operation and Development’s figures, which showed Saudi Arabia's economy growing above the G20 average in early 2023.
The IMF projects overall GDP growth to accelerate to 4.5 percent in 2025 before stabilizing at 3.5 percent per year.
Non-oil growth is forecasted to reach 3.5 percent in 2024, then increase further in 2025.
Despite a projected 4.6 percent contraction in oil output in 2024, output is expected to rise by 5.1 percent in 2025.
Saudi Arabia's efforts to diversify its economy and reform its financial sector are bearing fruit, with an emphasis on sustaining non-oil growth, maintaining financial stability, and enhancing private sector development.
The Kingdom rose to 17th place in the IMD World Competitiveness ranking in 2023.
The IMF calls for continued infrastructure development, human capital improvement, and energy efficiency to attract foreign investment and achieve long-term sustainability.
The IMF also commended Saudi Arabia's commitment to achieve net-zero emissions by 2060, emphasizing investments in renewable energy and sustainable finance initiatives.
In a recent report, the IMF highlighted growing domestic demand, ongoing financial reforms, and comprehensive environmental policies.
The report follows the Organization for Economic Co-operation and Development’s figures, which showed Saudi Arabia's economy growing above the G20 average in early 2023.
The IMF projects overall GDP growth to accelerate to 4.5 percent in 2025 before stabilizing at 3.5 percent per year.
Non-oil growth is forecasted to reach 3.5 percent in 2024, then increase further in 2025.
Despite a projected 4.6 percent contraction in oil output in 2024, output is expected to rise by 5.1 percent in 2025.
Saudi Arabia's efforts to diversify its economy and reform its financial sector are bearing fruit, with an emphasis on sustaining non-oil growth, maintaining financial stability, and enhancing private sector development.
The Kingdom rose to 17th place in the IMD World Competitiveness ranking in 2023.
The IMF calls for continued infrastructure development, human capital improvement, and energy efficiency to attract foreign investment and achieve long-term sustainability.
The IMF also commended Saudi Arabia's commitment to achieve net-zero emissions by 2060, emphasizing investments in renewable energy and sustainable finance initiatives.
