Saudi Arabia: 2023 Article IV Consultation-Press Release; Staff Report; and Informational Annex

IMF Staff Country Reports, September 6, 2023

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Canonical URL: Saudi Arabia: 2023 Article IV Consultation-Press Release; Staff Report; and Informational Annex

Saudi Arabia was the fastest growing G20 economy in 2022.
Total unemployment dropped to 4.8 percent by end-2022—from 9 percent during Covid.
The decline in unemployment reflects:
- an increase in Saudi workers in the private sector; and
- expatriate workers (mostly in the construction and agricultural sectors) rising back above pre-Covid levels.

Non-oil gross domestic product growth momentum is expected to remain strong.
Key supporting factors:
- strong consumption spending; and
- accelerated project implementation boosting demand.

Investment programs require careful calibration to:
- ensure catalytic effects; and
- avoid crowding out the private sector.
The industrial policy agenda should:
- support structural reform efforts; and
- include guardrails to minimize inefficiencies.
Environmental policy:
- Fully implementing the Green Initiative is necessary to help Saudi Arabia meet its net zero emissions target.

Subject: Economic and financial statistics, Expenditure, External sector statistics, Fiscal policy, International organization, Monetary policy, Oil prices, Prices, Revenue administration
Keywords: External sector statistics, financial asset, Global, growth momentum, headline inflation, Oil prices, quarterly balance of payments, totaling SDR
Pages: 104
Volume: 2023
DOI: https://doi.org/10.5089/9798400252099.002
Issue: 323
Series: Country Report No. 2023/323
Stock No: 1SAUEA2023001
ISBN: 9798400252099
ISSN: 1934-7685

Source: Saudi Arabia: 2023 Article IV Consultation-Press Release; Staff Report; and Informational Annex