Saudi Arabia: 2024 Article IV Consultation-Press Release; and Staff Report

IMF Staff Country Reports, September 4, 2024

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Canonical URL: Saudi Arabia: 2024 Article IV Consultation-Press Release; and Staff Report

Saudi Arabia’s unprecedented economic transformation is progressing well.
Strong domestic demand is keeping non-oil growth robust.
Unemployment is at record lows.
Inflation is contained.
The current account surplus is rapidly narrowing.
The recalibration of the authorities’ investment plans would help reduce overheating risks and pressures on fiscal and external accounts.

Economic transformation: Progress described as "unprecedented" with strong domestic demand supporting robust non-oil growth.
Labor market: Unemployment characterized as being at record lows.
Inflation and external sector: Inflation is contained while the current account surplus is rapidly narrowing, indicating shifting external balances.
Fiscal and investment policy: Staff highlights the need to recalibrate authorities’ investment plans to mitigate overheating risks and reduce pressures on fiscal and external accounts.

Publication title: Saudi Arabia: 2024 Article IV Consultation-Press Release; and Staff Report
Date: September 4, 2024
Pages: 102
Volume: 2024
Issue: 280
Series: Country Report No. 2024/280
DOI: https://doi.org/10.5089/9798400288043.002
Stock No: 1SAUEA2024001
ISBN: 9798400288043
ISSN: 1934-7685
Subjects: Balance of payments, Foreign direct investment, Gender, Oil prices, Prices, Revenue administration, Women
Keywords: about SDR, deposit of SDR, Foreign direct investment, Global, Oil prices, PRGT loan resource, PRGT subsidy resource, totaling SDR, Women
Also available in: العربية

Source: IMF Staff Country Reports — Saudi Arabia: 2024 Article IV Consultation-Press Release; and Staff Report (September 4, 2024).

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