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RIYADH: The performance of the Saudi economy is in its second year of recovery since the recession of 2017, according to a report from the Economic Research Unit of the National Economic Bank.
The report says Sunday that non-oil activity has accelerated from 2% in 2018 to 3.2% in 2021, thanks to public spending aimed at developing and stimulating the private sector and creating new businesses. jobs to support and diversify the economy.
On the growth prospects of the Saudi economy, HE Shami, chief economist of the National Bank of Kuwait group, predicted the continuing weakness of the oil sector as the government continued its efforts to manage the supply of oil through the OPEC.
He pointed out that the fiscal situation could improve thanks to higher tax revenues, but that the deficit will continue, which will lead to an increase in the public debt.
"The risks to growth prospects include the strong correlation with oil prices, the slow diversification of the economic base and the limited growth of employment in the private sector," he said.
The report predicts good economic growth for the GCC and Egypt for the coming period.
"Economic growth in the Gulf countries has improved significantly in 2018 and fiscal conditions have recovered under the effect of rising oil prices, infrastructure development, diversification of economic resources and the implementation of financial reforms.
The report emphasizes that oil price sensitivity remains the main risk faced by GCC countries.
The report pointed out that Egypt had achieved remarkable macro performance, highlighting the need to continue to engage in deep structural reforms and strengthen the role of the private sector. in the realization of economic development.
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