Riyadh October 11 2023: The International Monetary Fund (IMF) reduced its forecast for Saudi economic growth to 0.8% during 2023, compared to its previous estimate issued last July of 1.9%.
According to the IMF’s World Economic Outlook report, the Saudi economy is expected to grow by 1.2% to 4% in 2024 compared with July’s IMF outlook.
The fund attributed the downgrade in 2023 growth to the decline in the Kingdom’s oil output as a result of the voluntary reduction in production, indicating that investments in mega projects will continue to support the non-oil growth.
In Saudi Arabia’s Pre-Budget Statement for 2024, the Ministry of Finance expected the real gross domestic product (GDP) to grow by 0.03%, driven by the non-oil GDP that is forecast to rise by 5.9% in light of the positive performance of both economic indicators, strategies, and programs implemented to enhance tourism and attract investment to the Kingdom during the first half of 2023.
