DUBAI, 6 hours, 45 minutes ago The gross domestic product (GDP) of the GCC will grow by 2.1% this year, after the 5% contraction seen in 2020, a report said, noting as business confidence in the region has strengthened in recent months as coronavirus restrictions eased and vaccination rollouts progressed. However, while there are positive signs for recovery in the second half of this year and beyond, economies still remain far from their pre-pandemic levels, according to the latest Economic Insight report for the Middle East compiled by Oxford Economics and commissioned by ICAEW. The Middle East’s regional GDP will grow by 2.4% this year, a similar rate to the region’s average growth trajectory in the last decade, and an improvement from the 4.4% it shrank by in 2020, it said.
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A night view of Riyadh, Saudi Arabia. (Reuters file photo) Riyadh - Asharq Al-Awsat
The International Monetary Fund (IMF) projected Saudi Arabia’s real GDP growth at 2.1 percent this year, noting that the real non-oil GDP growth recovery is expected to reach 3.9 percent in 2021.
Real oil GDP growth is projected to reach -0.5% in 2021, according to the OPEC+ agreement output levels.
Further, the IMF forecast the Saudi deficit to decline to 4.2 percent of the GDP this year.
The statement underscored the positive results of the Saudi economic reforms, projected continuation in the economic recovery, an expected decline in the unemployment rate and inflation.
Saudi Arabia - Staff Concluding Statement of the 2021 Article IV Mission sitecoreitem
Saudi Arabia - Staff Concluding Statement of the 2021 Article IV Mission
May 3, 2021
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or mission ), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
May 3, 2021 A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a