(MENAFN)The International Monetary Fund (IMF) on Monday, May 3, revised down Saudi Arabia's financial expansion prediction for this year to 2.1 percent from 2.9 percent.
The expansion prediction for 2022, though, was revised up to 4.8 percent, from the past prediction of 4 percent that was noted in the IMF's World Economic Outlook statement in March.
Saudi financial system shrank by 4.1percent in 2020, according to the international organization.
The country's non-oil gross domestic product (GDP) expansion revived in the second half of last year, while signs propose the revival has continued in 2021, the IMF stated. It anticipates non-oil development to hit 3.9 percent in 2021 and 3.6 percent in 2022, from a reduction of 2.3 percent last year.
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