Saudi Arabia’s economy will grow 2.2% in 2018 and 2.4% in 2019, according to the International Monetary Fund’s (IMF’s) latest World Economic Outlook.

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At a time of uncertainty for the global economy, with protectionism threatening to restrict trade, the Saudi Arabian economy is one potential bright spot.

In a statement, Mohammed bin Abdullah Al Jadaan, Minister of Finance, said the IMF’s forecasts for Saudi Arabia show the effectiveness and positive impact of the economic reforms and fiscal measures implemented by the government.

The public finance strategy, he said, will continue to focus on reduction of deficits, modernisation of infrastructure, support for the private sector and development of the services sector.

“Although the oil production surge has boosted the economic growth estimates, the non-oil GDP growth continues to recover in the medium term,” Al Jadaan said.

“GDP grew by 1.4% in the first half of 2018 compared to negative growth of 0.8% for the same period the previous year, due to non-oil GDP recovery of 2.0% in 2018 compared to 0.1% the previous year. The Ministry of Finance forecasts annual real GDP [growth] will reach 2.3% in 2019. Moreover, the structural economic reforms are expected to boost growth in the medium and long term.”