IMF: Saudi Arabia Reaping Benefits of Transparent Economic, Financial Policies

IMF: Saudi Arabia Reaping Benefits of Transparent Economic, Financial Policies

Saudi Arabia is reaping the fruits of success after implementing transparent economic and financial policies, good management of the coronavirus crisis and carrying out economic reforms that have led to increased job opportunities and continued improvement in living standards, revealed IMF Mission Chief for Saudi Arabia Amine Mati.

The Kingdom’s economy was still projected to grow by 7.6% in 2022, which the IMF said would likely be one of the fastest growth rates in the world.

According to Mati, Saudi Arabia’s national transformation plan, Vision 2030, which is supported by the National Investment Strategy and the Public Investment Fund, enhances the transformation of the Kingdom's economy and increases the contribution of the non-oil sector.

Increasing the contribution of the non-oil sector is largely driven by digitization and growth in the tourism sector, governance, and e-commerce.

Mati pointed out that digitization, along with smart city projects, hyperconnectivity, artificial intelligence, advanced robotics, smart analytics, and scalable systems, are priorities that enhance innovation and raise productivity in the Kingdom.

The Saudi economy will achieve a growth rate of 3.7% for the year 2023, predicted the IMF official, adding that the world is facing factors that are slowing economic growth.

Mati noted that Saudi government agencies implementing the Kingdom’s National