IMF Staff Country Reports

Saudi Arabia: 2023 Article IV Consultation-Press Release; Staff Report; and Informational Annex

September 6, 2023

Download PDF More Formats on IMF eLibrary Order a Print Copy
More formats on IMF eLibrary Order a Print Copy

Preview Citation

Format: Chicago

International Monetary Fund. Middle East and Central Asia Dept. "Saudi Arabia: 2023 Article IV Consultation-Press Release; Staff Report; and Informational Annex", IMF Staff Country Reports 2023, 323 (2023), accessed November 21, 2024, https://0-doi-org.library.svsu.edu/10.5089/9798400252099.002

Export Citation

  • ProCite
  • RefWorks
  • Reference Manager
  • BibTex
  • Zotero
  • EndNote

Also available in: العربية

Summary

The 2023 Article IV Consultation discusses that Saudi Arabia was the fastest growing G20 economy in 2022. The Saudi unemployment rate is at a historical low. Amid an increase in labor force participation, total unemployment dropped to 4.8 percent by end-2022—from 9 percent during Covid—reflecting both an increase in Saudi workers in the private sector and expatriate workers (mostly in the construction and agricultural sectors) rising back above pre-Covid levels. Non-oil gross domestic product growth momentum is expected to remain strong, as strong consumption spending and accelerated project implementation boost demand. Careful calibration of investment programs is needed to ensure catalytic effects and avoid crowding out the private sector. The industrial policy agenda should be supporting structural reform efforts, with guardrails put in place to minimize inefficiencies. Fully implementing the Green Initiative is necessary to help Saudi Arabia meet its net zero emissions target.

Subject: Economic and financial statistics, Expenditure, External sector statistics, Fiscal policy, International organization, Monetary policy, Oil prices, Prices, Revenue administration

Keywords: External sector statistics, Financial asset, Global, Growth momentum, Headline inflation, Oil prices, Quarterly balance of payments, Totaling SDR

Publication Details

You May Also Be Interested In...

VITARA Reference Guide: Institutional Governance

November 21, 2024

Understanding Artificial Intelligence in Tax and Customs Administration

November 21, 2024

Managing Tax Incentives in Developing Countries

November 21, 2024

Burkina Faso: Report on Government Finance Statistics Mission (March 18–29, 2024)

November 18, 2024