IMF expects Saudi economy to grow by 2.8% in 2021

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Saudi Arabia

IMF expects Saudi economy to grow by 2.8% in 2021

However, the 2022 growth forecast remained unchanged. The 2021 forecast for the MENA region stays at 4.1 percent, but the IMF’s 2022 growth prediction rose by 0.4 percent to 4.1 percent. Upward revisions in growth forecasts for emerging markets and developing economies (which includes MENA) were attributed to favorable assessments of some commodity exporters and a “stronger-than-anticipated domestic demand” in regional economies. This outweighed the adverse developments of the pandemic. The IMF also predicts consumer prices to increase by 12.7 percent in 2021 and 8.6 percent in 2022 for the MENA region. The inflation increase is fueled by hikes in food prices due to local shortages and jumps in global food prices. However, the Kingdom’s inflation rate for 2021 is expected to be a much-lower 1.6 percent while the price increase in 2022 is projected to be moderately higher, rising by 2.2 percent. For the US, the world’s largest economy, the IMF predicts growth of 6 percent for 2021, below its July forecast of 7 percent. The downward revision reflects a slowdown in economic activity resulting from a rise in COVID-19 cases and delayed production caused by supply shortages and a resulting acceleration of inflation. The IMF predicts that for

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