Saudi Fund for Development Signs Agreement in Oman

Saudi Fund for Development Signs Agreement in Oman

IMF Says Saudi Economic, Fiscal Position 'Strong'

The Kingdom was the fastest-growing G20 economy in 2022. (SPA)

The International Monetary Fund (IMF) issued a report stating that the Saudi economy has been witnessing growth and prosperity and that the Kingdom's fiscal position is strong, expecting the non-oil economy to maintain strong momentum.

The IMF praised the progress Saudi Arabia has made in implementing its Saudi Vision 2030 reform agenda.

In a statement concluding the 2023 Article IV Consultation discussions with the Kingdom, the Fund lauded the acceleration of the Kingdom’s digital transformation, the increase in female participation in the labor market, reforms in the regulatory and business environment, ongoing efforts to invest in human capital, and the continuous growth of non-oil GDP.

The report commended the Kingdom’s continuing efforts to complete economic and financial reforms and achieve Saudi Vision 2030 targets.

"Saudi Arabia was the fastest-growing G20 economy in 2022," with a rate of 8.7 percent, and with non-oil GDP growing at about 4.8 percent.

With the unemployment rate at 8 percent, the report noted that “the Saudi unemployment rate is at a historical low”.

It added that the participation of Saudi women in the labor market has reached record levels at about 37 percent (from 18 percent