Saudi Arabia’s economic growth expected to surpass global average in 2025
The IMF indicates a projected output increase of 4.7 per cent for the country next year
Dubai: Saudi Arabia is expected to achieve economic growth surpassing the global average in 2025, according to the latest update from the International Monetary Fund (IMF).
The IMF indicates a projected output increase of 4.7 per cent for the country next year, compared to a global forecast of 3.3 per cent.
This marks a decrease from the previous estimate released in April, which had anticipated a growth rate of 6 per cent for Saudi Arabia in 2025.
The IMF has also revised its 2024 projection for the country downward, adjusting it from 2.6 per cent in an earlier forecast to 1.7 per cent in its most recent report.
Despite describing the global economy as being in a challenging phase, the IMF maintains its prediction that worldwide output will grow by 3.2 per cent in 2024 and 3.3 per cent in 2025.
“The growth forecast for 2024 in Saudi Arabia has been revised downward by 0.9 percentage point; the adjustment reflects mainly the extension of oil production cuts,” the IMF said.