The International Monetary Fund (IMF) has projected to the Kingdom’s GDP to increase 12.11 per cent to $769.88 billion during the current year against $689.38 billion last year.
Saudi Arabia’s gross domestic product (GDP) is expected to increase 29.53 per cent to $889.5 billion by 2023, reported local daily, Saudi Gazette.
The IMF estimates projected a further rise of 15.85 per cent in GDP reaching $795.58 billion in 2019 and 18.72 per cent surge in 2020 with the volume of GDP exceeding $815 billion.
Mohammed Al-Jadaan, Saudi Arabia’s Minister of Finance, said that the updated IMF forecasts prove the effectiveness and positive impact of economic reforms and fiscal measures implemented by the Government in accordance with the Fiscal Balance programme and Vision 2030.
In its World Economic Outlook report (WEO), the IMF showed a decrease in the global growth projections and cut in most developed and emerging economies growths estimates for 2018 and 2019, while the Kingdom’s output is projected to expand by 2.2 per cent in 2018 and 2.4 per cent in 2019.