The Director of the Middle East and Central Asia Department at the International Monetary Fund Jihad Azour has said that the outlook for the Saudi economy for the coming year shows continued growth, thanks to higher oil prices and higher oil production, as well as the expected improvement in non-oil sectors.
Azour pointed out that the IMF is not expected to change its outlook on the Saudi economy at the moment, adding that what may have an impact on the prospects of the Saudi economy would be the direction of crude prices in the future, and the pace of financial control and reforms to be implemented by the Kingdom.
In an interview with Al Arabiya, Azour, spoke on the relationship between high oil prices and the IMF's expectations for the growth of Gulf economies.
He called on governments not to retreat from policies to rebalance their finances regardless of the rise or fall in prices.
“The Gulf states should continue with fiscal reform policies no matter what the circumstances," he said while noting that the oil market, trade war and rising benefits affect growth prospects.