Saudi Arabia’s quick response to Covid-19 helped economy, IMF says

Saudi Arabia’s quick response to Covid-19 helped economy, IMF says

Saudi Arabia’s quick response to counter the Covid-19 pandemic has curtailed its impact on the kingdom’s economy, which is expected to expand 2.1 per cent this year, the International Monetary Fund said.

The pace of recovery will accelerate next year, as the largest Arab economy will expand 4.8 per cent in 2022, after contracting 4.1 per cent in 2020, the IMF said in a statement.

“The authorities responded quickly and decisively to the Covid-19 crisis and the economic recovery that is underway is expected to continue,” the Washington-based lender said at the conclusion of its Article IV consultations with Saudi Arabia.