Saudi Arabia’s Economic Growth Surpasses Western Countries – IMF Report

2024-01-15 17:35:17

• The IMF has predicted four percent growth this year
• It is reported that the highest growth will be in India

Jeddah – This year, Saudi Arabia will achieve economic growth that surpasses the Western countries, according to the International Monetary Fund report. The IMF expects Saudi Arabia to grow by more than four percent this year. Saudi Arabia will become the fourth fastest growing country among the G-20 countries. Saudi Arabia had the highest economic growth among G-20 countries last year. Last year, Saudi Arabia achieved an economic growth of 8.7 percent.

According to the report, India will have the highest growth among G-20 countries this year. The IMF expects growth of 6.3 percent in India, 5 percent in second-place Indonesia, and 4.2 percent in third-place China. The World Bank expects 4.1 percent growth in the country this year, while the Saudi Ministry of Finance expects 4.4 percent growth.
Although Saudi Arabia has cut oil production as part of the OPEC Plus agreement, the non-petroleum sector is expected to record strong growth this year. These figures indicate that Vision 2030 for diversification of income sources is a success. Earlier, 90 percent of public revenue came from the oil sector. Now government revenue is not subject to fluctuations in oil prices as before.
Turkey will be the fifth fastest growing country in the G-20 this year – three percent. Argentina 2.8%, South Korea 2.2%, South Africa 1.8%, Mexico 2.1%, Canada 1.6%, Brazil 1.5%, America 1.5%, France 1.3%, Australia 1.2%, Russia 1.1%, Japan 1%, Germany 0.9%, Italy 0.7%, and Britain 0.6%. The IMF estimates that the rate

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