Saudi Arabia: Year in Review 2018 | ZAWYA MENA Edition:
Stronger energy revenue for much of the year and liberalisation reforms have helped Saudi Arabia’s economy rebound in 2018, though falling oil prices late in the year and the potential fallout over security issues could affect growth moving forward.
In October the IMF revised its forecast for Saudi economic growth in 2018 and 2019, predicting GDP would increase by 2.2% and 2.4%, respectively, up on the 1.9% previously projected for both years and a considerable increase on a contraction of 0.9% in 2017.
The fund said the recovery was driven by higher energy prices, which improved external balances, along with reforms undertaken by the government to increase domestic labour participation and strengthen the business environment.
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