Advertisement
|10 October, 2018

Saudi economy to maintain growth in 2018-19: IMF

Following a shrink of 0.9% in 2017

Image used for illustrative purpose. The view of high rises in King Abdullah Financial District in Riyadh.

Image used for illustrative purpose. The view of high rises in King Abdullah Financial District in Riyadh.

Getty Images

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.

Advertisement

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.

آ© Copyright 2014 www.tradearabia.com

Copyright 2018 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.