{"id":85260,"date":"2024-04-17T00:00:00","date_gmt":"2024-04-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/17\/imf-joins-world-bank-in-trimming-ever-so-slightly-saudis-growth-outlook\/"},"modified":"2024-04-17T00:00:00","modified_gmt":"2024-04-17T00:00:00","slug":"imf-joins-world-bank-in-trimming-ever-so-slightly-saudis-growth-outlook","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/17\/imf-joins-world-bank-in-trimming-ever-so-slightly-saudis-growth-outlook\/","title":{"rendered":"IMF joins World Bank in trimming (ever so slightly) Saudi\u2019s growth outlook"},"content":{"rendered":"

The International Monetary Fund (IMF) has slightly trimmed its Saudi\u2019s <\/strong>growth forecast to <\/strong>2.6% this year<\/strong>, down from the 2.7% it penciled back in January, it said in its latest World Economic Outlook (pdf)<\/a> yesterday,<\/p>\n

BACKGROUND-<\/strong> The IMF first lowered its projections for Saudi GDP growth this to 2.7% in January from an earlier forecast of 4.0% in October 2023 on the back of combined effects of lower oil prices and production cuts. The Kingdom\u2019s economy saw a 0.9% contraction last year, down from an 8.7% growth in 2022.<\/p>\n

We\u2019ve yet to see officials follow suit:<\/strong> The Finance Ministry is targeting a GDP growth of 4.4% in its budget for this fiscal year, Finance Minister Mohamed Al Jadaan said in December<\/a>.<\/p>\n

LOOKING AHEAD-<\/strong> 2025 is looking to be a good year: The IMF raised its Saudi GDP growth forecasts next year to 6.0%, up from the 5.5% projected in January.<\/p>\n

REGIONALLY- <\/strong>The IMF is forecasting 2.8% growth in Middle East and Central Asia, slightly down from the 2.9% forecast in January. It maintained its projections in January for GDP growth in Middle East and Central Asia for next year at 4.2%.<\/p>\n

The World Bank slashed <\/strong>earlier this week<\/a><\/strong> the Kingdom\u2019s growth forecast to 2.5% in 2024<\/strong>, down from the 4.1% it penciled in January 2024. It sees the non-oil economy growing a strong 4.8% in 2024, up from its 4.3% projection last November<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The IMF raised its Saudi GDP growth forecasts in 2025 to 6.0%<\/p>\n","protected":false},"author":1,"featured_media":85261,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2571],"tags":[27,10,1804,337,442],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-gdp-growth","tag-imf","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"ade01bc1-2b8d-4dba-b4ed-405119b724c5","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1937.jpg","photo_position":"above","homepage_title":"IMF trims growth outlook","full_issue_title":"IMF joins World Bank in trimming (ever so slightly) Saudi\u2019s growth outlook","related_issue":[85252],"teaser":"The IMF raised its Saudi GDP growth forecasts in 2025 to 6.0%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.d9d45b30-a813-402c-970d-b18feada5db4.mp3"},"yoast_head":"\nIMF joins World Bank in trimming (ever so slightly) Saudi\u2019s growth outlook - 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