The International Monetary Fund (IMF) on Tuesday revised upwards its forecast on Saudi Arabia’s 2018 economic growth to 1.7 percent, an increase of 0.1 percentage point from its January projections.
Growth estimates for 2019 were lowered to 1.9 percent from previous outlook of 2.2 percent.
“While stronger oil prices are helping a recovery in domestic demand in oil exporters, including Saudi Arabia, the fiscal adjustment that is still needed is projected to weigh on growth prospects,” the IMF said in its World Economic Outlook.
Global economic growth, meanwhile, is expected to tick up to 3.9 percent this year and next, supported by strong momentum, favorable market sentiment, accommodative financial conditions, and the domestic and international repercussions of expansionary fiscal policy in the United States, the report said.
The international agency also raised growth projection for the US to 2.9 percent in 2018 and 2.7 percent in 2019, compared to previous forecasts of 2.7 percent in 2018 and 2.5 percent in 2019, respectively.
According to the IMF, the medium-term outlook is subdued, with growth expected to stabilize at 1.8 percent over 2020–2023.
|
IMF Expectations for Economic Growth |
||
|
Region/ Country |
Expectations for 2018 |
Expectations for 2019 |
|
Global Economy |
3.9% |
3.9% |
|
MENA Region |
3.2% |
3.6% |
|
Saudi Arabia |
1.7% |
1.9% |
|
USA |
2.9% |
2.7% |
|
Euro Region |
2.4% |
2% |
|
Japan |
1.2% |
0.9% |
|
UK |
1.6% |
1.5% |
|
Canada |
2.1% |
2% |
|
China |
6.6% |
6.4% |
|
India |
7.4% |
7.8% |
|
Brazil |
2.3% |
2.5% |
|
Russia |
1.7% |
1.5% |
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