{
  "title": "Saudi Arabia: 2019 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, September 9, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/09/09/saudi-arabia-2019-article-iv-consultation-press-release-and-staff-report-48659",
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  "summary": "This 2019 Article IV Consultation with Saudi Arabia discusses that reforms are starting to yield positive results. Oil prices and production have been volatile, and uncertainties in the global oil market continue. Promoting non-oil growth and creating jobs for Saudi nationals remain key challenges.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Reforms are starting to yield positive results.\n- Oil prices and production have been volatile, and uncertainties in the global oil market continue.\n- Promoting non-oil growth and creating jobs for Saudi nationals remain key challenges.\n- Non-oil growth is expected to strengthen further this year and over the medium term.\n- Risks to the growth outlook are broadly balanced."
    },
    {
      "heading": "Fiscal position and risks",
      "content": "- The fiscal deficit declined in 2018.\n- Higher government spending has increased medium-term fiscal vulnerabilities to a decline in oil prices.\n- Fiscal consolidation is needed to reduce these vulnerabilities.\n- The fiscal framework should be further strengthened to help reduce the procyclicality of government spending."
    },
    {
      "heading": "Structural and labor market issues",
      "content": "- Reforms to improve the business environment are proceeding.\n- These reforms need to be complemented by efforts to increase the cost competitiveness of Saudi labor.\n- Government support to develop sectors of the economy should:\n  - crowd in the private sector,\n  - be timebound, and\n  - be linked to performance."
    },
    {
      "heading": "Policy recommendations (implicit in staff analysis)",
      "content": "- Pursue fiscal consolidation to lower medium-term vulnerabilities associated with oil-price declines.\n- Strengthen the fiscal framework to reduce procyclical spending behavior.\n- Continue business-environment reforms and implement measures to enhance the cost competitiveness of Saudi labor.\n- Design government sector-development support to be timebound, performance-linked, and aimed at mobilizing private-sector participation."
    },
    {
      "heading": "Key statistics and publication metadata",
      "content": "- Pages: 86\n- Volume: 2019\n- Issue: 290\n- Series: Country Report No. 2019/290\n- DOI: https://doi.org/10.5089/9781513513447.002\n- Stock No: 1SAUEA2019001\n- ISBN: 9781513513447\n- ISSN: 1934-7685\n- Publication date on landing page: September 9, 2019\n\nInternational Monetary Fund. Middle East and Central Asia Dept. \"Saudi Arabia: 2019 Article IV Consultation-Press Release; and Staff Report\", IMF Staff Country Reports 2019, 290 (2019).\n\n---\n\n Content in this bundle\n\n- 1sauea2019001\n  - 1sauea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1sauea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 9, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513513447.002",
    "Reforms are starting to yield positive results.",
    "Promoting non-oil growth and creating jobs for Saudi nationals remain key challenges.",
    "Non-oil growth is expected to strengthen further this year and over the medium term.",
    "Risks to the growth outlook are broadly balanced.",
    "The fiscal deficit declined in 2018.",
    "Higher government spending has increased medium-term fiscal vulnerabilities to a decline in oil prices.",
    "Fiscal consolidation is needed to reduce these vulnerabilities.",
    "The fiscal framework should be further strengthened to help reduce the procyclicality of government spending.",
    "Reforms to improve the business environment are proceeding.",
    "These reforms need to be complemented by efforts to increase the cost competitiveness of Saudi labor.",
    "Government support to develop sectors of the economy should:",
    "Pursue fiscal consolidation to lower medium-term vulnerabilities associated with oil-price declines.",
    "Strengthen the fiscal framework to reduce procyclical spending behavior.",
    "Continue business-environment reforms and implement measures to enhance the cost competitiveness of Saudi labor.",
    "Design government sector-development support to be timebound, performance-linked, and aimed at mobilizing private-sector participation.",
    "Pages: 86",
    "Volume: 2019",
    "Issue: 290",
    "Series: Country Report No. 2019/290",
    "DOI: https://doi.org/10.5089/9781513513447.002",
    "Stock No: 1SAUEA2019001",
    "ISBN: 9781513513447",
    "ISSN: 1934-7685",
    "Publication date on landing page: September 9, 2019",
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