IMF: Saudi is to achieve higher growth rate of 4% in 2014, 2015

The International Monetary Fund (IMF) expected that the Kingdom of Saudi Arabia is to achieve a higher growth rate of 4% in 2014 and 2015 led by the governmental expenditure and strong activity in the private sector. The IMF added that the economic horizons in the Kingdom are still favorable, pointing out that the risks surrounding the horizons of growth are balanced in addition to the inflation that will remain under control. This came in a statement issued by the head of the IMF experts during the period 4, 15 May in discussions held within the framework of the consultations of the fourth article with the Kingdom in 2014. The statement added that "the Kingdom continues to play a vital role in stabilizing the global oil market which contributes directly to the global economy. At the regional level, the Kingdom of Saudi Arabia provides financial aid to other countries while remittances sent by expatriate workers in the Kingdom to their countries represent an important source of income for many countries." It added that the government is implementing an ambitious program for economic reform and investment in order to develop and diversify economic activity and job creation. The IMF expects a continuation of decreasing public finance in 2014 with high government expenditure, so it is important to control growth of the governmental expenditure.