IMF Revises Saudi Arabia's 2025 Growth Forecast Amid OPEC+ Oil Production Cuts
Date
1/20/2025 12:18:46 AM
(MENAFN- The Arabian Post)
The International Monetary Fund (IMF) has adjusted its 2025 GDP growth projection for Saudi Arabia to 3.3%, attributing the revision primarily to the extension of oil production cuts by OPEC+ members. This adjustment also led to a downward revision of the IMF's growth forecast for the Middle East and Central Asia region to 3.6% for 2025, down from the previously projected 3.9%.
Saudi Arabia, the world's largest oil exporter, had initially anticipated a significant economic boost in 2025 based on increased oil output. However, the continued reduction in oil production agreed upon by OPEC+ members has tempered these expectations. The IMF's updated forecast reflects the impact of these extended cuts on the Kingdom's economic growth.
Despite the reduced growth forecast, Saudi Arabia remains committed to its economic transformation plan, Vision 2030, which aims to diversify the economy away from oil dependence. The Kingdom continues to invest in non-oil sectors such as tourism, technology, and renewable energy to foster sustainable growth.
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