{"id":89370,"date":"2024-09-05T00:00:00","date_gmt":"2024-09-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/05\/brownie-points-for-pacing\/"},"modified":"2024-09-05T00:00:00","modified_gmt":"2024-09-05T00:00:00","slug":"brownie-points-for-pacing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/05\/brownie-points-for-pacing\/","title":{"rendered":"Brownie points for pacing"},"content":{"rendered":"

The International Monetary Fund (IMF) reiterated <\/strong>its support<\/a><\/strong> of the<\/strong> government\u2019s <\/strong>recalibration of some of the national <\/strong>gigaprojects<\/strong>, some of which projects will be downsized and others will have a longer delivery time, according to a report from the multilateral lender (pdf)<\/a>. \u201cThis welcome exercise will help ensure proper sequencing of spending to reduce overheating risks and maintain macroeconomic stability and fiscal sustainability,\u201d the report reads. The report is an annual review of the health of our economy, also known as Article IV consultations. <\/p>\n

BACKGROUND-<\/strong> A government committee led by Crown Prince and Prime Minister Mohammed bin Salman is reportedly wrapping up a review<\/a> of gigaprojects with a view to trimming spending at some. This comes as officials continue to hammer the idea<\/a> of preventing the economy from overheating on the back of its economic diversification push while also saying they\u2019re willing to accept modest fiscal deficits<\/a> as the price of pursuing long-term diversification. <\/p>\n

The lender expects Saudi\u2019s overall GDP growth to rise to 4.7% in 2025<\/strong> \u201cassuming the 1 mbpd voluntary oil production cuts will be gradually phased out from October 2024 to September 2025. The IMF then expects annual growth to average at 3.7% in the following years. Non-oil GDP growth is expected to reach 3.5% in 2024, and 3.9-4.4% by 2025, with potential growth up to 8% if the National Industrial Strategy is successfully implemented. <\/p>\n

Other forecasted figures:<\/strong> Inflation is projected to remain around 2% over the medium term, supported by the USD peg, domestic subsidies, and a flexible supply of expat labor. Saudi\u2019s current account surplus is expected to shift to a deficit starting this year, averaging 2.2% of GDP from 2026 to 2029. Finally, the IMF expects our foreign reserves to fall to USD 483 bn by 2029, but will remain 144% above the IMF's recommended level, covering 13.4 months of imports.<\/p>\n","protected":false},"excerpt":{"rendered":"

Overall GDP growth is forecasted to rise to 4.7% in 2024<\/p>\n","protected":false},"author":1,"featured_media":89371,"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":[27,10,1939,335,21,1559],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-foreign-reserves","tag-gdp","tag-inflation","tag-international-monetary-fund-imf","wpautop","entry"],"acf":{"mongo_id":"cf4ea426-06ba-4e00-8d2a-a7948c8b5bd0","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2612.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IMF reiterates its support for Saudi Arabia\u2019s pacing out of gigaprojects","related_issue":[89365],"teaser":"Overall GDP growth is forecasted to rise to 4.7% in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.5e387d33-b577-4a20-a162-9d8a80ca6736.mp3"},"yoast_head":"\nBrownie points for pacing - 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