06 Sep The changing era of Saudi economic status
The international monetary fund (IMF) has quoted that Saudi Arabia has begun to show “a considerable progress in reforming its economy as part of the IMF vision of 2030 program announced in the year of 2016. According to IMF, the fiscal consideration is “beginning to bear fruit.” There has been an effort from the government to increase transparency and business reforms. There are also progress in accepting of new companies incorporation in Saudi Arabia. The non-oil sector is expected to rise by 1.7 percent in the year of 2017.
There is a consolidation of growth as the medium-term structural changes implemented stage by stage. The IMF observed that the employment growth has slowed and has urged the state to quicken its employment drive. The negative impact of inflation is expected to increase in the coming months. The fiscal deficit will be lowered substantially from 17.2 percent to 9.3 percent and to drastically reduce to 1 percent in the GDP by the year 2022.
IMF executive directors concluded that Saudi Arabia is slowly adjusting to lower oil prices and balanced by the non-oil sector. IMF also lauded the authorities efforts in implementing the economic reforms. It is notable that Saudi Arabia that it there is good progress in identifying and removing the problem in the private sector and paving the way for new company incorporation in Saudi Arabia. But the IMF has urged Saudi Arabia to increase and boost its women workforce participation in its employment drive.Overall, one can say that Saudi Arabia is slowly but steadily moving towards progress.
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