Saudi Arabia's economy growth would continue during the current fiscal year 2018-19, following a shrink of 0.9 per cent in 2017, said the International Monetary Fund (IMF) in a new report.
Such a growth is a result of the Kingdom’s establishment of capital market, through increasing financing small and medium size enterprises (SMEs) and expanding funding channels and opportunities, and furthermore, due to non-oil economic activity and expected increase of crude production, said the Saudi Press Agency (SPA), citing the IMF report.
Energy prices have shot up, since the issuance of the previous IMF report in April 2018, on the back of rising oil prices. However, the report has explained that increase of oil output by Saudi Arabia and Russia during the period has managed to restore stability in the world oil market.
The report concluded by expecting a rate of growth in the Mena region of 2.2 per cent, in 2018, and 2.5 per cent, in 2019, respectively.
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