We expect a “positive” recovery in the Kingdom’s economy this year.

Saudi Central Bank Governor Fahd Al-Mubarak expects the Kingdom’s economic recovery to be “positive” this year, which is due, among other things, to the recovery in oil prices.

Speaking at an event hosted by the Remote International Monetary Fund today, Al Mubarak did not provide economic growth forecasts, but said the initial economic indicators for the first quarter, as well as the improvement oil prices, have provided support.

“Although we sacrifice a bit at the level of production, stabilizing oil prices is good for Saudi Arabia, producers, consumers and the region,” he said, according to ” Reuters “.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, a group known as OPEC +, agreed last week to gradually ease restrictions on oil production from May.

In March, OPEC + decided to extend most cuts in oil production, pushing prices higher.

Saudi Arabia, the world’s largest oil exporter, experienced an economic contraction of 4.1% last year, affected by the Covid-19 pandemic, falling crude prices and production cuts.

In February, the International Monetary Fund said it was forecasting real GDP growth for the kingdom of 2.6% this year.

The kingdom recently renewed a number of stimulus programs it launched last year to support the economy during the coronavirus crisis.

Al-Mubarak, who took over as Saudi central bank governor for the second time in January, said it was “unwise” to stop these plans until there is real economic recovery .