Arab News, Thursday, Oct 21, 2021 | Rabi Al-Awwal 14, 1443
IMF has most favorable outlook for the Saudi economy in 2021 compared to other organizations
Emirates: The International Monetary
Fund expects the Saudi economy to grow by 2.8 percent in 2021 — higher than
forecasts by other global and local institutions.
In its latest regional economic outlook, the
international organization said that oil exporters such as Saudi Arabia are
expected to expand their production after August 2021.
In addition, strong vaccination campaigns and
higher oil prices are projected to boost the non-oil sector of the Kingdom’s
economy, prompting an expansion in economic activity.
The Saudi Ministry of Finance expects the Saudi
economy to grow by 2.4 percent in 2021, in line with the World Bank's
predictions.
Capital Economics and OECD also had similar
forecasts for 2021.
Jadwa, on the other hand, had the lowest expected
rise in output, predicting a 1.8 percent growth rate only despite raising it
from the previous 1.3 percent forecast.
As for the 2022 outlook, Capital Economics had the
most positive forecast for the Saudi economy, saying it would jump by 7.3
percent.
The Ministry of Finance posted its projection for
2022 growth at 4.8 percent. The IMF and OECD had the same expectation as well.
Moreover, the World Bank prediction was a slightly
higher 4.9 percent. Jadwa also had a similar forecast for Saudi growth at 5.1
percent.