Saudi Arabia's economy set to grow 2.3 per cent next year - The National:
Saudi Arabia's economy is set to grow 2.3 per cent next year as stimulus measures put in place to combat a contraction caused by the pandemic and lower oil prices kickstart a "robust rebound", according to the Institute of International Finance.
The institute is forecasting a 5.2 per cent economic contraction this year following an 11 per cent second quarter decline, but said it expects strong growth in the second half of the year as the rise in new cases slows and restrictions ease.
Economic indicators such as purchasing managers' index data, private sector lending, point of sale transactions and cement output, suggest "that a sizeable rebound is already under way", the report by the institute's Mena chief economist Garbis Iradian said.
"However, the depth of contraction in 2020 and the speed of recovery in 2021 is subject to a high degree of uncertainty," it adds.
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