Saudi Arabia’s non-oil economy to grow 4.3%

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  • The investments by the Public Investment Fund contributed to the economic recovery

  • Last year, Saudi’s economy suffered a double whammy of crashing oil prices and Covid-19 pandemic

Saudi Arabia’s bid to diversify its economy away from oil is beginning to show results with its  non-oil economy set to expand by 4.3 percent. 

The  GDP will grow 2.4 percent in 2021 following a 4.1 percent contraction last year, Reuters reported.

“The report confirms KSA Government’s success in achieving tangible good results during the world’s most difficult year, due to COVID-19 impact, oil price volatility, sharp economic fluctuations, falling global demand, slowing growth,” Saudi Finance Minister Mohammed Al-Jadaan wrote on Twitter.

Last year, Saudi’s economy suffered a double whammy of crashing oil prices and Covid-19 pandemic, Since, late last year, the economy has showed signs of recovery.

The investments by the Public Investment Fund envisaged as part of the country’s economic development program Vision 2030 contributed to the economic recovery. The PIF, is expected to offset government fiscal consolidation’s drag on growth, the IMF said. 

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