Saudi Finance Minister Mohammed Al-Jadaan revealed that Saudi expects the economy to grow by 7.4 percent this year. This came during a conversation session on the economic outlook for the Middle East and North Africa (MENA) on the sidelines of the Davos Forum in Switzerland.
He forecasted a 19 percent increase in Saudi oil GDP this year.
Al-Jadaan, on the other hand, stated that oil surpluses will be allocated in accordance with Vision 2030’s goals.
“We’re still attempting to decouple the economy from oil revenues,” he said, adding that the Public Investment Fund (PIF) offers high-yielding investment opportunities.
The Kingdom plans to use this year’s surprise oil gains to accelerate the economy’s diversification away from fossil fuels, according to other statements by Saudi Economy and Planning Minister Faisal al-Ibrahim.
Moreover, the Saudi Finance Minister stated that the government anticipates inflation to reach 2.3 percent by the end of the year, noting that local inflation was dealt with early.
He also emphasized the importance of international institutions paying quick and serious attention to the countries in the region.
