In its latest report, the US-based financial agency fixed its forecast for the Saudi economy\u2019s growth during 2022 at 7.6 percent \u2014 the same figure as in its April forecast<\/p>\n
Saudi Arabia will maintain its position as the fastest growing economy among the Group of 20 countries despite the turmoil caused by rising inflation and soaring interest rates, according to the International Monetary Fund. In its latest report, the US-based financial agency fixed its forecast for the Saudi economy\u2019s growth during 2022 at 7.6 percent \u2014 the same figure as in its April forecast.<\/p>\n
Among Arab countries, the IMF expected that Iraq will be the fastest growing economy in 2022, with a 9.3 percent growth rate.<\/p>\n
\u201cThe IMF staff\u2019s baseline fiscal projections are primarily based on its understanding of government policies as outlined in the 2022 budget,\u201d according to the report.<\/p>\n
The forecast for Saudi Arabia is in contrast with the IMF\u2019s expectations during January, which put an expected growth rate of the Kingdom\u2019s gross domestic product at 4.8 percent.<\/p>\n
For the year 2023, the Fund has also kept its forecast for the Kingdom\u2019s economic growth at 3.7 percent \u2014 the same as its previous outlook.<\/p>\n
India is ranked second among G20 nations for growth this year, with 6.8 percent, despite a reduction of 0.6 points from previous expectations in July. Following that comes Indonesia with 5.3 percent, Turkey at 5 percent, Argentina at 4 percent, Australia 3.8 percent, while the UK was expected to achieve 3.6 percent.<\/p>\n
Among Arab countries, Saudi Arabia is ranked third, behind Iraq, and Kuwait at 8.7 percent. Egypt is placed fourth at 6.6 percent and the UAE at 5.1 percent.<\/p>\n
On a global level, the Fund has downgraded its outlook for the world economy for 2023, citing a long list of threats that include Russia\u2019s war against Ukraine, chronic inflation pressures, punishing interest rates and the lingering consequences of the global pandemic.<\/p>\n
It forecast that the global economy would eke out growth of just 2.7 percent next year, down from the 2.9 percent it had estimated in July.<\/p>\n
The IMF left unchanged its forecast for international growth this year \u2014 a modest 3.2 percent, a sharp deceleration from last year\u2019s 6 percent expansion. \u201cThe global environment is fragile with storm clouds on the horizon,\u201d the report stated.<\/p>\n
The IMF warned that any sharp downturn would be acutely felt by emerging market economies, where they are grappling with a \u201cmultitude of risks\u201d like high borrowing costs, high inflation, and volatile commodity markets. The IMF also cautioned that credit spreads have widened substantially in the corporate sector, and higher rates could adversely impact housing markets.<\/p>\n","protected":false},"excerpt":{"rendered":"
In its latest report, the US-based financial agency fixed its forecast for the Saudi economy\u2019s growth during 2022 at 7.6 percent \u2014 the same figure as in its April forecast Saudi Arabia will maintain its position as the fastest growing economy among the Group of 20 countries despite the turmoil caused by rising inflation and\u2026<\/p>\n","protected":false},"author":2,"featured_media":13522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_scj_primary_category_id":136,"_scj_featured":false,"_scj_featured_from":"","_scj_featured_until":"","_scj_featured_order":0,"_scj_visibility_class":"current","_scj_layout_family":"standard","_scj_article_style":"","_scj_display_overrides":[],"_scj_intro_image_id":13522,"_scj_intro_alt":"Saudi Arabia still fastest growing G20 economy despite economic headwinds: IMF","_scj_intro_caption":"","_scj_intro_class":"","_scj_intro_float":"","_scj_full_image_id":13522,"_scj_full_alt":"Saudi Arabia still fastest growing G20 economy despite economic headwinds: IMF","_scj_full_caption":"","_scj_full_class":"","_scj_full_float":"","_scj_media_type":"","_scj_media_provider":"","_scj_media_external_id":"","_scj_media_url":"","_scj_media_poster_id":0,"_scj_media_width":0,"_scj_media_height":0,"_scj_media_aspect_ratio":"","_scj_media_description":"","_scj_gallery_items":[],"_scj_related_post_ids":[],"_scj_additional_authors":[],"scj_layout_family":"standard","scj_media_provider":"","scj_media_url":"","scj_full_caption":"","footnotes":""},"categories":[136],"tags":[],"class_list":["post-13523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n