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RIYADH:The International Monetary Fund expects Saudi economy to grow by more than double in 2022 as oil prices are hitting multi-year high.
The Fund, known as IMF, has raised its forecast for the growth of the Saudi GDP by 2.8 percent from last time to 7.6 percent this year.
In its World Economic Outlook published today, the IMF expects the GDP to fall to 3.6 percent in 2023, after raising this up from an earlier estimate of 2.8 percent.
“We raised our estimates of the growth rate of the Saudi economy by 2.8 percentage points, which reflects the increase in oil production in accordance with the OPEC+ agreement, in conjunction with the more non-oil output growth exceeding expectations,” the report pointed out.
Source: Arab News
View more : https://www.arabnews.com/node/2066501/business-economy
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