The International Monetary Fund (IMF) confirmed its economic growth forecast for Saudi Arabia for the current year at 7.6 percent, the exact forecasts for July and April.
Earlier, the Fund increased its expectations twice for the Saudi economy in 2022, making the Kingdom the only country among the G20 whose growth expectations have been raised twice.
The Kingdom's 2023 predictions remained unchanged at 3.7 percent growth year-on-year.
The IMF predicts that the inflation rate for the consumer price index in Saudi Arabia will reach 2.7 percent this year, compared to 3.1 percent in 2021, and the inflation rate is expected to slow down to 2.2 percent in 2023.
According to the IMF's growth predictions, Saudi Arabia remained at a 7.6 percent output increase in 2022, with a 3.7 percent output increase the following year.
Saudi Arabia's real gross domestic product is forecast to rise 3.4 percent annually by the end of this year to reach 7.6 percent, showed the IMF data.
The Fund confirmed that Saudi Arabia could contain the inflation, despite the high prices of imported goods, pointing out that inflation in the Kingdom will remain limited to 2.8 percent during the current year.
Earlier, Saudi Arabia concluded a memorandum of understanding with the IMF to establish a regional office in Riyadh, which would boost its presence in the region and provide its economic recommendations to the countries of the Gulf and the region.
Saudi Minister of Finance Mohammed al-Jadaan signed the MoU with IMF Managing Director Kristalina Georgieva in Riyadh. Several Gulf finance ministers and officials were present at the event.
Georgieva’s meeting with the Saudi ministers and officials tackled opportunities to address the food insecurity that has had consequences on the economies of some countries.
Georgieva said her meeting with the ministers tackled global issues and was instrumental in further deepening the cooperation between the IMF and Saudi Arabia and other Gulf states, especially in responding to the global series of shocks, including food insecurity.
She added that the talks focused on the importance of achieving sustainability, diversifying income sources, and weighing other countries' aid needs.
Georgieva stressed that Saudi Arabia would become one of the fastest-growing economies in the world, noting that maintaining the reform momentum to diversify the economy further will be pivotal for longer-term prosperity.
