Al – Riyadh Journal For the third time .. The IMF raises its expectations on the Saudi economy from 1.7 to 1.9%

IMF sees oil-producing countries benefit from new prices

The International Monetary Fund has raised its forecasts for the Saudi economy, pointing out that the largest Arab economy will grow by 1.9% in 2018,

This is the third time since October that the IMF has raised its forecast for the Saudi economy, which contracted by 0.9% in 2017.

The news IMF projections are the subject of a periodic performance report As oil prices continue to rise since producing countries The IMF has also revised its forecasts for the Middle East, the 39, North Africa, Afghanistan and Pakistan, forecasting growth of 3.9% in 2018 and 2019, after a forecast of 3.7%.

The IMF said in its report: The oil-producing countries "have benefited from the prices, but the expectations of the oil-importing countries remain low". "Many economies still face financial challenges, while the prospect of a geopolitical conflict may overshadow the growth of the region," he said. To reach an average of 10.3 million barrels by the end of 2018.

The Kingdom produces 9.9 million barrels per day since the beginning of 2018, which means that it will have to produce 10.6 million barrels a day in the remaining six months up to the pace of production. , 3 million barrels at the end of the year.

This will reduce the deficit of the Kingdom's budget is not What should reach $ 52 billion

The Kingdom's budgets over the past four years have recorded a persistent deficit, prompting them to borrow domestic and international markets and raise energy prices. It has also adopted a new series of taxes, including VAT, at 5%.

Since 2014, the Saudi budget deficit has reached 260 billion dollars.

The International Monetary Fund has maintained its global growth forecast at 3.9%

"The fear of further worsening of current trade tensions – with a negative impact on confidence, markets and the economy" Investment, "said Maurice Uptsefeld, chief economist at the International Monetary Fund (IMF)," is the short-term biggest threat to global growth "

For the two largest economies in the world, the United States United and China, which are engaged in a trade war, growth prospects for the year remain unchanged