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The International Monetary Fund (IMF) issued a report stating that the Saudi economy has been witnessing growth and prosperity and that the Kingdom's fiscal position is strong, expecting the non-oil economy to maintain strong momentum. The IMF praised the progress Saudi Arabia has made in implementing its Saudi Vision 2030 reform agenda.
RIYADH: The private sector is considered a key driver in boosting Saudi Arabia’s gross domestic product and helping it become a productive economy, said Saudi Finance Minister Mohammed Aljadaan during the 2023 Budget Forum organized to review the performance of the government for the year 2022. The two-day event that began on Dec. 11 was attended by as many as 30 officials
Saudi Arabia announced over the weekend a positive assessment of the economy during 2022, expecting a significant fiscal surplus for the first time in eight years. The International Monetary Fund also expects the Saudi economy to grow by 7.6 percent during 2022, making it the fastest-growing economy worldwide, with gross domestic product exceeding $1 trillion for the first
Saudi Arabia expects a total spending of SR1.114 trillion ($296.5 billion) and total revenues of SR1.123 trillion ($298.9 billion) in the fiscal year 2023, according to the pre-budget statement issued by the Ministry of Finance.
The program focuses on developing the medium-term fiscal planning mechanism to sustain the public finances and achieve a balanced budget, while maintaining economic growth rates via diversifying revenue sources, raising the efficiency of government spending, and stimulating the private sector.