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IMF holds Saudi Arabia 2022 economic growth forecast at 7.6%

DUBAI, Aug 17 (Reuters) – The International Monetary Fund (IMF) on Wednesday maintained its economic growth forecast for Saudi Arabia even as concerns persist that the global economy may heading towards a recession.

Saudi Arabia’s economy was still projected to grow by 7.6% this year, which the IMF said would likely be one of the fastest growth rates in the world, helped by strong oil demand and 4.2% expected growth in the kingdom’s non-oil sector.

Inflation in Saudi Arabia – expected at 2.8% this year – was contained and there had been limited fallout for the kingdom from Russia’s invasion of Ukraine, the IMF said.

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Saudi Arabia’s government has forecast its economy to grow by 7.4% this year.

A surge in demand for oil has helped Saudi Arabia, the world’s biggest oil exporter, refill state coffers hammered during the COVID-19 pandemic. Government officials have said the kingdom…

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