imf saudi arabia’s ‘bold’ reforms see nonoil sector pick up
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

IMF: Saudi Arabia’s ‘bold’ reforms see non-oil sector pick up

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleIMF: Saudi Arabia’s ‘bold’ reforms see non-oil sector pick up

Saudi Arabia’s “bold reform program
Jeddah - Muslimchronicle

Saudi Arabia’s “bold reform program” is paying off, with economic growth in its non-oil sector forecast to pick up this year, the International Monetary Fund (IMF) said Friday.
Growth in non-oil parts of the economy is projected at 1.7 percent in 2017 compared to 0.2 percent last year, the fund said, amid the Kingdom’s efforts to diversify the economy in the wake of the crash in oil prices.
“Saudi Arabia has embarked on a bold reform program under Vision 2030 that was announced in 2016,” the IMF said following a consultation on the Kingdom’s economy.
The fund “welcomed the direction of the authorities’ fiscal reforms” in Saudi Arabia, adding that the fiscal deficit is set to narrow to under 1 percent of gross domestic product (GDP) by 2022, from 17.2 percent in 2016.
“The authorities have made considerable progress in initiating the implementation of their ambitious reform agenda,” the IMF said.
“Fiscal consolidation efforts are beginning to bear fruit, progress with reforms to improve the business environment are gaining momentum, and a framework to increase the transparency and accountability of government is largely in place.”
Overall GDP growth is however expected to slow this year, partly due to lower revenues given the Kingdom’s commitment to oil-output cuts deal agreed by members and non-members of the Organization of the Petroleum Exporting Countries (OPEC).
Real GDP growth is expected at close to zero this year, compared to 1.7 percent in 2016, while the unemployment rate among Saudi nationals increased to 12.3 percent.
“Growth is expected to strengthen over the medium-term as structural reforms are implemented. Risks mainly come from uncertainties about future oil prices, as well as questions about how the ongoing reforms will affect the economy,” the IMF said.

source:Arab News

 

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf saudi arabia’s ‘bold’ reforms see nonoil sector pick up imf saudi arabia’s ‘bold’ reforms see nonoil sector pick up

 



Themuslimchronicle, themuslimchronicle

GMT 08:26 2018 Tuesday ,23 January

Five things to know about Davos

GMT 21:30 2017 Wednesday ,01 November

New York Times’ third-quarter revenue up 6.1%

GMT 11:09 2017 Friday ,24 November

Berlin police seeking more missing John Lennon items

GMT 06:34 2017 Saturday ,09 December

Rockets down Jazz for eighth straight NBA win

GMT 23:25 2017 Thursday ,16 February

Pakistan adds 16 new fighter jets to its fleet

GMT 10:50 2018 Tuesday ,23 January

Saudi university to open driving school for women

GMT 03:31 2017 Saturday ,07 January

Sharjah launches award for refugee support

GMT 21:54 2016 Wednesday ,01 June

December 21 - January 18

GMT 16:05 2017 Monday ,24 April

Sharapova's return divides rivals

GMT 13:50 2012 Sunday ,22 January

Egyptians can now remove any regime

GMT 07:26 2017 Sunday ,23 July

70 villagers kidnapped in Afghanistan
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle