Government-led reforms and the growth of private investment in new sectors will help support non-oil economic growth in Saudi Arabia amid an expected sharp slowdown in overall growth this year, a senior IMF official said.
The Saudi economy grew 8.7% last year, as high oil prices boosted revenue and led to the kingdom's first budget surplus in almost 10 years.
Several OPEC+ member states, led by Saudi Arabia, the world's top crude exporter, recently announced surprise cuts to oil production from May, initially driving up global prices, although global worries and an uncertain demand outlook are weighing on prices. "The drop in production will affect growth because output will decline, but revenues could grow and this could have a positive impact on both external accounts, the reserves, and the budget deficit," he said.
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