Wednesday, July 6

IMF sees Saudi growth at 2.4% this year with non-oil sector leading rebound

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DUBAI — The International Monetary Fund said on Thursday Saudi Arabia’s economy is recovering well from the COVID-19 pandemic and the fund expected the non-oil economy to grow by 4.3% this year, with overall GDP growth seen at 2.4%.

Real oil GDP is expected to shrink by 0.4%, the IMF said in a statement, as production is assumed to stay in line with an agreement between the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies, known as OPEC+. ( Reporting by Yousef Saba and Davide Barbuscia Editing by Chris Reese)