Citing Saudi Arabia’s bold reform program under Vision 2030 announced in 2016, the IMF has concluded that non-oil growth in the Kingdom is expected to pick up this year.
The IMF in its latest assessment of the Saudi Arabian economy commended the progress in implementing the ambitious reform agenda. They emphasized that proper calibration and sequencing of reforms will be crucial to their success.
The Kingdom’s “non-oil growth is projected to pick up to 1.7 percent in 2017,” it said, while overall real GDP growth is expected to be close to zero as oil GDP declines in line with Saudi Arabia’s commitments under the agreement between OPEC and other non-OPEC producers.
But growth is expected to strengthen over the medium-term. It noted that the Saudi economy is adjusting to the effects of lower oil prices and fiscal consolidation, but that non oil growth is expected to pick up this year and overall growth is expected to strengthen over the medium term as structural reforms under the 2030 Vision are implemented.

IMF: Saudi Arabia has made significant progress with Vision 2030

Saudi Crown Prince Mohammed bin Salman, deputy prime minister and defense minister - the architect of the Vision 2030 program. (File photo: Reuters)
Staff writer, Al Arabiya English
Saturday 22 July 2017
Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54
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