Non-oil sector to drive Saudi growth this year

Ahmed Al Kholifey speaking during a media conference in Riyadh on Saturday.
Ahmed Al Kholifey speaking during a media conference in Riyadh on Saturday.

Riyadh - Forecasts positive, expansion expected to be higher than last year, especially from private sector



By Reuters

Published: Sat 22 Feb 2020, 9:11 PM

Last updated: Sat 22 Feb 2020, 11:13 PM

Saudi Arabia's economy is expected to grow this year, supported by the non-oil sector, despite a challenging global economic backdrop, the Saudi central bank governor said on Saturday as the kingdom hosts the G20 meeting.
Ahmed Al Kholifey said it was too early to see the full picture of the economic damage caused by the new coronavirus.
The Saudi Arabian Monetary Authority governor was speaking at an economic conference in Riyadh, where finance leaders of the world's 20 largest economies have gathered this weekend to discuss policies and the impact of the virus on global growth.
"GDP growth in Saudi Arabia is projected to see an upturn in 2020," said Kholifey. "Monetary, fiscal and structural policies in my country are all geared towards an expansion of the private non-oil sector GDP over the medium term," he said.
The International Monetary Fund said in January it expects the Saudi economy to expand 1.9 per cent this year, up from an estimated 0.4 per cent in 2019. However, it lowered its forecast for the kingdom's 2020 growth from 2.2 per cent due to lower oil output.
"We have a positive view on the Saudi economy, the forecasts are positive and growth is expected to be higher than last year, especially from the private sector," Al Kholifey said.
After a tough year for the global economy last year, Al Kholifey said Saudi Arabia was looking for "good news" this weekend.


More news from Economy