Money & BusinessSaudi Arabia
Saudi economic growth to double on high oil prices
High oil prices will push Saudi Arabia’s economy into high-growth mode, more than doubling this year, according to the International Monetary Fund (IMF), which raised its growth forecast for the Kingdom on Tuesday.
The IMF is targeting 7.6% growth for the Saudi economy this year, raising its forecast by 2.8%.
While much of this was attributed to multi-year-high oil prices, the IMF has also noted growth and expected further growth in non-oil revenues.