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FINANCIAL NEWS
Saudi economy to grow to 6.5% this year: IMF
01 Jun 2011
(MENAFN) The International Monetary Fund (IMF) estimated Saudi’s economic growth to rise to 6.5 percent in 2011 up from the 4.1 percent figure of 2010, reported Arabian business.
The IMF also said that the 2.4 percent increase was expected due to an increase in the country’s oil output as well as a climb in government spending. It pointed out that its estimates put inflation at around 6 percent.
The Fund added that both fiscal and external balances in the kingdom are likely to record high surpluses due to the raise in oil production. The IMF expected continuous economic growth for the world’s largest oil exporter.
It is worth noting that Saudi lies in a region currently home for struggles and uprisings which led to the toppling of 2 leaders so far and are still affecting many countries such as Libya, Yemen and Syria.
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