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Middle East and Central Asia > Saudi Arabia

You are looking at 1 - 10 of 19 items for :

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Cover IMF Staff Country Reports
Kuwait: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kuwait
International Monetary Fund. Middle East and Central Asia Dept.
The 2024 Article IV Consultation with Kuwait discusses that the economy is projected to remain in recession under the baseline in 2024, then to recover over the medium term. The economy remains in recession, but a recovery has begun in the non-oil sector, and inflation is moderating. Lower oil prices and production have weakened the external and fiscal balances, while financial stability has been maintained. The risks around the outlook are skewed to the downside, but substantial financial buffers are a source of resilience to external shocks. Fiscal consolidation of about 13 percent of gross domestic product (GDP) should be implemented at a pace of 1 to 2 percent of GDP per year to reinforce intergenerational equity. The exchange rate peg remains an appropriate nominal anchor for monetary policy. Systemic financial risks remain contained and prudently managed. Continued efforts are needed to strengthen monetary policy transmission, maintain financial stability, and enhance financial intermediation. The authorities aim to implement reforms to support the transition to a dynamic and diversified economy. A comprehensive and well-sequenced structural reform package is needed to improve the business environment by raising efficiency, enhancing transparency, and further opening up the economy.
Keywords:
headline CPI inflation; debt management office; procurement contract; e-government initiative; capital market development; consultation-press release; Structural reforms; Oil prices; Global
Cover IMF Staff Country Reports
Saudi Arabia: 2023 Article IV Consultation-Press Release; Staff Report; and Informational Annex
International Monetary Fund. Middle East and Central Asia Dept.
The 2023 Article IV Consultation discusses that Saudi Arabia was the fastest growing G20 economy in 2022. The Saudi unemployment rate is at a historical low. Amid an increase in labor force participation, total unemployment dropped to 4.8 percent by end-2022—from 9 percent during Covid—reflecting both an increase in Saudi workers in the private sector and expatriate workers (mostly in the construction and agricultural sectors) rising back above pre-Covid levels. Non-oil gross domestic product growth momentum is expected to remain strong, as strong consumption spending and accelerated project implementation boost demand. Careful calibration of investment programs is needed to ensure catalytic effects and avoid crowding out the private sector. The industrial policy agenda should be supporting structural reform efforts, with guardrails put in place to minimize inefficiencies. Fully implementing the Green Initiative is necessary to help Saudi Arabia meet its net zero emissions target.
Keywords:
totaling SDR; headline inflation; quarterly balance of payments; growth momentum; financial asset; Oil prices; External sector statistics; Global
Cover IMF Staff Country Reports
Saudi Arabia: 2022 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Saudi Arabia is recovering strongly from the pandemic-induced recession. Higher oil prices provide an opportunity for accelerating further the strong reform drive brought about under Vision 2030.
Keywords:
totaling SDR; energy price reform; transparency policy; financial asset; inflation development; price inflation; Oil prices; Inflation; External sector statistics; Global
Cover IMF Staff Country Reports
Saudi Arabia: 2021 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
The authorities responded quickly and decisively to the COVID-19 crisis and the economy is recovering. COVID-19 cases are well below the 2020 peak and vaccination is progressing. The exit from the remaining COVID-related policy support needs to be carefully managed and the Vision 2030 reform agenda continued.
Keywords:
Policy support measure; GDP estimate; policy support; totaling SDR; financial asset; employment support program; Oil; COVID-19; Oil prices; Fiscal stance; Income; Global; Europe; Asia and Pacific
Cover IMF Staff Country Reports
Saudi Arabia: 2019 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This 2019 Article IV Consultation with Saudi Arabia discusses that reforms are starting to yield positive results. Oil prices and production have been volatile, and uncertainties in the global oil market continue. Promoting non-oil growth and creating jobs for Saudi nationals remain key challenges. Non-oil growth is expected to strengthen further this year and over the medium term. Risks to the growth outlook are broadly balanced. The fiscal deficit declined in 2018; however, higher government spending has increased medium-term fiscal vulnerabilities to a decline in oil prices. Fiscal consolidation is needed to reduce these vulnerabilities. The fiscal framework should be further strengthened to help reduce the procyclicality of government spending. Reforms to improve the business environment are proceeding but need to be complemented by efforts to increase the cost competitiveness of Saudi labor. Government support to develop sectors of the economy should crowd in the private sector and be timebound and linked to performance.
Keywords:
ISCR; CR; SDR Department; economy; deficit; growth; private sector; IMF staff calculation; economy well; water price reform; reform agenda; totaling SDR; Oil prices; Budget planning and preparation; Income; Global; Europe; East Asia; Asia and Pacific; East Africa
Cover IMF Staff Country Reports
Saudi Arabia: 2019 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Reforms are starting to yield positive results. Oil prices and production have been volatile, and uncertainties in the global oil market continue. Promoting non-oil growth and creating jobs for Saudi nationals remain key challenges. Non-oil growth is expected to strengthen further this year and over the medium term. Risks to the growth outlook are broadly balanced.
Keywords:
ISCR; CR; SDR Department; economy; deficit; growth; private sector
Cover IMF Staff Country Reports
Saudi Arabia: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Reform momentum remains strong under Vision 2030. New reform initiatives are being rolled-out under the Vision Realization Programs (VRPs). Oil prices have risen over the past year and are positively affecting fiscal and external balances. Higher oil prices provide both an opportunity and a risk to the fiscal reforms.
Keywords:
ISCR; CR; SDR Department; deficit; amount; oil price; totaling SDR
Cover IMF Staff Country Reports
Saudi Arabia: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This 2018 Article IV Consultation highlights that Saudi Arabia’s real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent. Growth is expected to pick-up further over the medium term as the reforms take hold and oil output increases. Risks are balanced in the near-term. The employment of Saudi nationals has increased, especially for women, but the unemployment rate among Saudi nationals rose to 12.8 percent in 2017. Credit and deposit growth remain weak, but both are expected to strengthen owing to higher government spending and non-oil growth. The fiscal deficit is projected to continue to narrow, from 9.3 percent of GDP in 2017 to 4.6 percent of GDP in 2018.
Keywords:
ISCR; CR; SDR Department; deficit; amount; oil price; totaling SDR; oil export revenue; revenue reform; IMF staff calculation; IFC advisory; exchange rate; Oil prices; Employment; Budget planning and preparation; Energy prices; Global; Europe; East Asia; Asia and Pacific; East Africa
Cover IMF Staff Country Reports
Saudi Arabia: 2017 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Saudi Arabia has embarked on a bold reform program under Vision 2030. Reform momentum is strong, and good progress is being made in reform implementation. Saudi Arabia has reduced oil production under the OPEC+ agreement. Non-oil growth is expected to pick-up this year, but overall GDP growth will be close to zero given the decline in oil production. Growth is expected to strengthen over the medium-term as structural reforms are implemented. Risks mainly come from uncertainties about future oil prices and how ongoing reforms will impact the economy.
Keywords:
ISCR; CR; private sector; oil GDP; director; SDR Department; growth
Cover IMF Staff Country Reports
Saudi Arabia: 2017 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This 2017 Article IV Consultation highlights Saudi Arabia’s launch of a bold reform program under Vision 2030, announced in 2016. The authorities have made considerable progress in initiating the implementation of their ambitious reform agenda. Non-oil growth is projected to pick up to 1.7 percent in 2017. Growth is expected to strengthen over the medium term as structural reforms are implemented. Risks mainly come from uncertainties about future oil prices, as well as questions about how the ongoing reforms will affect the economy. Employment growth has weakened, and the unemployment rate among Saudi nationals has increased to 12.3 percent. The fiscal deficit is also projected to narrow substantially in the coming years.
Keywords:
ISCR; CR; private sector; oil GDP; director; SDR Department; growth; IFC advisory; employment growth; oil export revenue; IMF staff calculation; totaling SDR; liquidity management framework; IFC strategy; IFC PPP; Oil prices; Energy prices; Fiscal consolidation; Global; East Asia; East Africa