Saudi economy 'buoyant' but growth to slow this year, says IMF
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Wed May 30, 2012 6:12 pm

SAUDI ARABIA. Saudi Arabia's oil-dependent economy should remain "buoyant," although growth is forecast to slow this year given uncertainties over the euro zone debt crisis and a decline in crude prices, the International Monetary Fund said on Tuesday.

In its annual review of the world's top oil producer, the IMF said growth was likely to slow to 6%, down from 7.1% last year.

Inflation would likely remain at around 5%, although the IMF urged Saudi authorities to monitor it closely for signs of economic overheating, the Fund added.

High oil prices and increased state spending ignited a boom in the Saudi economy last year. But worries about the debt crisis in the euro zone and easing growth in China, a major importer of Saudi oil, are expected to weigh on Saudi growth.

The IMF said the outlook for the Saudi economy was subject to "some uncertainty" given the prospect of lower oil prices.

It said Saudi Arabia's fiscal and external surpluses should hit 17% and 27% of gross domestic product this year, respectively.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 19, 2018
UAE. Software technology sector saw most number of professionals changing jobs in 2017; Lack of opportunities for career advancement touted as the biggest reason.
date:Posted: April 19, 2018
LEBANON. Drop due to the suspension of interest-rate subsidies on housing loans at the beginning of the year; The index is at its lowest level since Q2 2015 and the third lowest level in 43 quarterly readings; Reviving demand in Lebanon requires immediate measures and incentives from the government.
date:Posted: April 18, 2018
UAE. Speaking at the Arabian Hotel Investment Conference (AHIC), Dr. Martin Berlin, Partner and Global Deals Real Estate Leader said the issues and challenges facing Middle East Hospitality and Tourism can be grouped into five categories, collectively known by their acronym ADAPT.
LEBANON. Drop due to the suspension of interest-rate subsidies on housing loans at the beginning of the year; The index is at its lowest level since Q2 2015 and the third lowest level in 43 quarterly readings; Reviving demand in Lebanon requires immediate measures and incentives from the government.
dhgate