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Wednesday, 19 May 2021 12:28 GMT

International Monetary Fund alters Saudi Arabia's economic growth estimation for 2021


( MENAFN )The International Monetary Fund (IMF) changed Saudi Arabia's economic growth estimation for current year to 2.1 percent from 2.9 percent.

The growth estimation for next year was increased to 4.8 percent, from the previous estimate of 4 percent that was noticed in the IMF's World Economic Outlook report in March.

The international organization stated that Saudi economy decreased by 4.1 percent in 2020.

The IMF further declared that the country's non-oil gross domestic product (GDP) growth recovered in the last six months of 2020, as indicators suggest the recovery remained in current year. It estimates non-oil growth to stand at 3.9 percent in current year and 3.6 percent in next year, from a contraction of 2.3 percent in 2020.


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