Investors seeking lucrative opportunities often turn their gaze towards economies with robust growth. Saudi Arabia, a steadfast member of the G20, is making headlines for its impressive economic trajectory.
Amidst global and regional geopolitical shifts, the International Monetary Fund (IMF) has revised its growth projection for Saudi Arabia, increasing it by 0.5 percent to reach 6 percent for 2025. This is a significant rise from the 5.5 percent forecast earlier this year.
For a while now, experts have acknowledged Saudi Arabia, alongside India and Indonesia, as one of the fastest-growing economies within the G20. The latest IMF predictions place Saudi Arabia as the second-strongest performer in 2025, just behind India, which is anticipated to grow by 6.5 percent.
A Promising Economic Landscape
Notably, the IMF has adjusted its forecast for Saudi Arabia twice this year. Its recent World Economic Outlook report projects a steady global growth rate of 3.2 percent for both 2024 and 2025, identical to 2023’s figures. This report underscores a gradual yet regionally varied global economic recovery.
Amidst global and regional geopolitical shifts, the IMF has revised its growth projection for Saudi Arabia, increasing it by 0.5 percent to reach 6 percent for 2025. This is a significant rise from the 5.5 percent forecast earlier this year.
In another strategic move, Saudi Arabia’s National Competitiveness Center, in collaboration with the World Bank Group, announced plans to establish a knowledge hub in the Kingdom. This initiative aims to foster worldwide economic reform practices.
Strategic Partnerships and Global Competitiveness
World Bank Group representatives highlighted this decision as a testament to Saudi Arabia’s remarkable strides in global competitiveness, driven by economic reforms spearheaded by Crown Prince Mohammed bin Salman. The announcement was made in Washington, attended by notable figures including Majid Al-Qasabi, Minister of Commerce and Chairman of the National Competitiveness Center, Princess Reema bint Bandar, Saudi Ambassador to the US, and Ajay Banga, President of the World Bank Group.
The upcoming 16th BMG Financial Group’s Economic Forum, scheduled for July 3 at the London Stock Exchange, will host a panel exploring the IMF’s latest forecast. Esteemed global and Saudi economists will share insights under the theme: Why Saudi and Why Now?
