• The Saudi Monetary Fund addressing the challenges of providing jobs

    14/08/2013

    ‚ÄčThe IMF said that the strong growth of the economy gives the opportunity for the Kingdom to address the challenges for providing jobs, and in its latest report issued on Saudi Arabia growth prospects remain positive, but the main source of risk is the oil market. It also expected that Saudi Arabia play a key role in stabilizing the world oil market with a continued focus on growth, employment and at the same time maintaining stability.
    The IMF said the economy continues to perform well, with a growth rate of 5.1 per cent in 2012, thanks to high oil prices and high output, strong growth in the private sector, and Government spending. He Said '' while the growth is likely to slow down to 4 per cent in 2013 with the decline in oil output relative to last year, but the activity in the private sector will remain in a strong condition".
    Commenting on the report, said Tim Kalin, Chairman of the IMF mission to Saudi Arabia: Saudi Arabia's economic prospects remain positive. It is assumed that the Kingdom continues to take advantage of this opportunity to create jobs, address housing shortages and the development of small and medium enterprise sector, further strengthening and reinforcement in the financial position".
    He added: '' the main risks remain from oil market prospects, although the Government used prudent period of high oil prices to build protections in the area of public finance, which believes that a great deal of freedom of movement for the right situation and no disruption in government expenditure over the medium term in the event of a decline in oil prices".
    The Fund said in its latest assessment of Saudi Arabia published 'economic' on 15 July that Saudi Arabia is one of the best performance in the g-20 States in recent years, they have supported the global economy through its role in maintain the stability of the world oil market and pointed to the positive prospects for the Saudi economy.

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