The International Monetary Fund revealed in a report its latest forecast for the Saudi economy for 2022. It was stated in the “World Economic Outlook” report issued by the Fund on April 19.
According to the report, the International Monetary Fund raised its forecast for the growth of the Saudi economy in 2022 to 7.6 per cent, an increase of 2.8 percentage points from last January forecast, which was 4.8 per cent.
The report explained that the reason for raising expectations for the growth of the Saudi economy is the increase in oil production within the agreement of the “OPEC +” alliance, and the outperformance of growth of non-oil output over expectations.
It came despite the Fund cutting its forecast for global economic growth to 3.6 per cent, down from 4.4 per cent in its January forecast.
It is noteworthy that the World Bank has mentioned in a recent report that it had raised its forecast for the growth of the Saudi economy to 7 per cent.