抖阴短视频

RIYADH: 抖阴短视频鈥檚 gross domestic product is expected to grow at the fastest rate in almost a decade at 7.6 percent with inflation likely to remain at 2.8 percent in 2022, the International Monetary Fund鈥檚 Article IV Consultation report has predicted.
抖阴短视频 is rebounding strongly from the pandemic-induced recession, driven by the Kingdom鈥檚 pro-business reforms and higher oil prices, it said. 
Despite higher prices for imported commodities, the inflation rate in the Kingdom will be contained at 2.8 percent in 2022, as the central bank tightens policy in line with the US Federal Reserve, the report added. 
鈥淟iquidity and fiscal support, reform momentum under Vision 2030, and high oil prices and production helped the economy recover with robust growth, contained inflation and a resilient financial sector,鈥� the IMF said in a press release.

At a press conference on Wednesday, Amine Mati, assistant director of the IMF, predicted that 抖阴短视频 is expected to attain a budget surplus of about 5.5 percent of its gross domestic product, as its surplus in the second quarter hit $21 billion.

Mati elaborated that effective utilization of the Kingdom鈥檚 growing surplus will be achieved by making sure that the budget allocations are respected. He added that social spending should remain in line with the increase in surplus, which would then be re-injected into the economy.

鈥淚mplementing a fiscal rule will help sustain a fiscal anchor over the medium term and integrated asset liability management framework will help the government assess 抖阴短视频鈥檚 fiscal stance and position,鈥� said Mati.

The IMF report added that the increase in interest rates is expected to have only a limited impact on the Saudi economy. 

When addressing the rising inflationary pressures, Mati stated that 鈥渢he exchange rate peg to the US Dollar continues to serve 抖阴短视频.鈥�

鈥淚nflation is contained, despite increased international commodity prices, because of low pass through,鈥� said Mati. 鈥淭he external position is expected to strengthen substantially, with the current account surplus reaching levels not seen in a decade.鈥�

The IMF report added that the increase in interest rates is expected to have only a limited impact on the Saudi economy. 
Mati explained that the increase of the value-added tax from 5 percent to 15 percent in the middle of the COVID-19 pandemic was essential in promoting non-oil revenue growth, and noted that tax administration measures also help sustain and accelerate tax revenues.

According to the report, the Public Investment Fund should focus on high return projects with private involvement, as it continues to implement giga-projects. 
The report added that 抖阴短视频 is taking impressive steps to improve the business environment, which will attract foreign investments. 
It further stated that the proportion of Saudi women in work has doubled in the past four years to 33 percent in the first quarter of 2022, exceeding the 30-percent target set under the Vision 2030 plan. 

Improvements in tax policy and revenue administration to raise more taxes from non-oil activities will help support fiscal consolidation in the Kingdom.

IMF

鈥淧riorities to foster a more inclusive and green economy include increasing further women labor force participation, making sure PIF interventions play a catalytic role, strengthening governance, and rolling out the Saudi green initiative,鈥� the IMF said in the report. 
The impressive pace of digitization in the Kingdom has the potential to boost productivity and overall growth, it added. 

鈥淭he surge in digital account openings and online mobile financial transactions during the pandemic has helped in improving financial inclusion 鈥� 83 percent of the adult population now own a bank account as of 2021, up from 71 percent in 2019,鈥� it said. 

Speaking at the conference, Mati stated that the advancement of digitalization translates to a more educated workforce that is better equipped for following up on future developments, which positively impacts the future of FDI.

According to the IMF, the Saudi Green Initiative, which was launched in 2021, requires policy measures to reduce greenhouse gas emissions and support greener growth. 
The report concluded that 抖阴短视频鈥檚 economic outlook is strong, and the Kingdom鈥檚 long-term prosperity strongly depends on sustaining the reform momentum.