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Saudi central bank: IMF’s 4.4% growth forecast ‘achievable’

Fahad al-Mubarak says economic growth likely to hit International Monetary Fund forecast

Published: Updated:

The governor of Saudi Arabia’s central bank says the country is likely to hit a 4.4 percent economic-growth forecast for 2014.

Fahad al-Mubarak said the International Monetary Fund (IMF) forecast is “reasonable and achievable”, according to Reuters.

“We see that the private sector will be the main growth driver this year. Government investments continue to be the main driver for private sector growth, so I am optimistic,” Mubarak told a news conference.

“I do not see high risks in specific areas,” he added.

All six Gulf Cooperation Council countries, including Saudi Arabia and the United Arab Emirates, will expand by 4.4 percent in 2014, the IMF said in October.

That is above Saudi Arabia’s economic growth of 3.8 percent in 2013, but still below the figure for the previous two years.