Saudi Arabia Monetary Agency Governor Muhammad al-Jasser said Wednesday that the Saudi Arabian economy could grow up to 6 percent this year, an increase of 1.7 percent from his previous 2011 prediction, according to this report.
Views on how much Saudi Arabia will grow in 2011 seem to differ depending on the source. The publication notes that other forecasts by the IMF (7.5 percent growth) and a Reuters poll of analysts (4.5) shows the difficulty of predicting how fast a country can grow when a massive stimulus package is put into place.
In its May 2011 Saudi Arabia Economics report, Banque Saudi Fransi’s chief economist Dr. John Sfakianakis said that “growth rates of at least 6% are necessary in our view for the private sector to be in a position to engage adequately in building a more-diversified economy. Growth must exceed 6.5% per year to generate enough jobs.”
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