Continued reforms in Saudi Arabia have a positive impact on growth, job creation: IMF

Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), stated that continued reforms and investments in Saudi Arabia have a positive impact on growth, economic activity, and job creation.

In an interview with Al Arabiya at the Spring Meetings of the IMF and the World Bank Group in Washington, Azour added that that the improvement or increase in oil production and exports will boost growth and improve the balance of payments.

He pointed out that non-oil sectors will be the engine of growth in Saudi Arabia and the Gulf Cooperation Council countries in the coming years.

According to available data, the IMF recently forecasted Saudi Arabia's economy to grow by 2.6% in 2024, compared to its previous forecast issued in January of 2.7%, marking a 0.1% decrease.

The IMF raised its expectations for the Kingdom's economic growth by about 0.5% to 6% in 2025, up from the 5.5% it had predicted in January of last year.