IMF raises Saudi GDP growth forecasts to 5.5% in 2025

The International Monetary Fund (IMF) raised its expectations for growth of the Saudi economy by about 1.3% to 5.5% for the year 2025, from the 4.2% it expected last October.

The fund also said that the Saudi economy is likely to grow by 2.7% in 2024, compared to its previous projections of 4% last October, a decline of 1.3%., according to its "Global Economic Outlook" report issued today.

These adjustments come amid the temporary reduction in oil production thus by OPEC +, in addition to individual output cut by Saudi Arabia, said the fund, expecting the growth of the non-oil sector to remain robust this year.

The IMF added that global growth is expected to reach 3.1% and 3.2% in 2024 and 2025, respectively, revising upwards its forecasts for 2024 GDP growth by 0.2% compared to October report, due to the higher-than-expected resilient in the US and several emerging markets and developing economies, as well as support from public finances in China, indicating that, however, the forecasts for the period 2024–2025 are below the historical average level of 3.8% (for the period 2000–2019).