DUBAI: The International Monetary Fund (IMF) on Wednesday kept its 2022 economic growth forecast for Saudi Arabia unchanged, while encouraging the kingdom to maintain its oil revenues in a “sustainable manner” as it benefits from booming prices.
The IMF said in a report on Saudi Arabia that its economy would grow by 7.6% this year, unchanged from its most recent forecast, and that inflation was expected to remain at 2.8% for the year.
“Managing oil revenues in a sustainable manner, so that spending does not rise and fall in line with the price of oil, would promote fiscal sustainability and prevent a return to previous oil-driven cycles of boom and bust,” the IMF said.
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“So too would far-sighted budget planning and policies to diversify the economy,” the IMF report added.
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