IMF further cuts forecasts for S. Arabia’s economy this year

The International Monetary Fund (IMF) lowered on Tuesday its growth outlook for Saudi Arabia to 1.5 per cent in 2024, with a notable acceleration to 4.6 per cent expected next year.

According to its latest world economic outlook, the IMF forecasts Saudi Arabia’s inflation to rise to 1.7 per cent in 2024, increasing slightly to 1.9 per cent by 2025, indicating mild upward pressure on prices.

In July, the IMF had already lowered its GDP projections for Saudi Arabia’s 2024 GDP by nearly a percentage point from its April estimates to 1.7 per cent.

Attribution: IMF world economic outlook October 2024

Subediting: Y.Yasser