IMF: Financial and Regulatory Reform Agenda Contributed to Accelerating Saudi Economy's Growth

RIYADH, Saudi Arabia, Sept. 5, 2024 /PRNewswire/ -- The International Monetary Fund (IMF) issued a positive report on the Kingdom of Saudi Arabia following the conclusion of the Article IV consultations with Saudi Arabia. The IMF report confirmed that Saudi Arabia's financial and regulatory reform agenda contributed to accelerating the Saudi economy's growth, containing inflation, and reducing the unemployment rate to its lowest levels ever. The IMF praised the ongoing economic transformation and efforts to diversify the economy under the Saudi Vision 2030.

The IMF Article IV Consultation report commended the macroeconomic policies and transformational changes implemented by the Kingdom, which contributed to enhancing the growth of non-oil activities. The report also noted that Saudi reforms led to rising employment, which now exceeds pre-Covid figures, and that the rate of women's participation in the labor market rose to more than 35%, exceeding the Saudi Vision 2030 target of 30%.