Saudi GDP growth set to see uptick this year

Saudi Arabia’s economic growth is projected to see an uptick this year, backed by the non-oil economy, the country’s central bank governor said on Saturday.

Saudi Arabian Monetary Authority (SAMA) Governor Ahmed al-Kholifey, also said it was too early to see the full picture of the economic damage caused by the new coronavirus, which has emerged in China and spread globally.

He was speaking at an economic conference in Riyadh, where finance leaders of the world’s 20 largest economies are gathering this weekend to discuss economic policies and the impact of the virus on global economic growth.

The International Monetary Fund said in January it expects the Saudi economy to expand 1.9% this year, up from an estimated 0.4% in 2019. However it lowered its forecast for the kingdom’s 2020 growth from 2.2% due to lower oil output.

“We have a positive view on the Saudi economy, the forecasts are positive and growth is expected to be higher than last year, especially from the private sector,” Kholifey told reporters on the sidelines of the conference.


Source: Reuters