IMF: Saudi Arabia’s Reforms Drive Economic Growth and Diversification Under Vision 2030

KSA, 5 September, 2024 : The International Monetary Fund (IMF) praised Saudi Arabia's financial and regulatory reforms in its latest Article IV consultation report. These reforms have accelerated economic growth, curbed inflation, and reduced unemployment to historic lows. The IMF highlighted the success of Saudi Vision 2030 in driving economic diversification and increasing women's labor participation to over 35%, surpassing the 30% target.

The report commended Saudi Arabia’s macroeconomic policies, noting strong non-oil sector growth, a robust banking system, and rising foreign investment. It also emphasized the Kingdom’s leadership in global economic forums and its advancements in digital transformation and artificial intelligence.

The IMF highlighted Saudi Arabia’s efforts to mitigate risks in real estate lending, strengthen anti-money laundering measures, and increase non-oil revenues. The non-oil sector is expected to grow by 3.5% in 2024, with inflation stable at around 2%.

Additionally, the IMF recognized Saudi Arabia’s environmental reforms, including a 30-year green hydrogen agreement and plans to build one of the world’s largest carbon capture plants by 2027.

Source : www.mof.gov.sa