The alliance will create a full-service enterprise offering for institutional investors in the region. It will provide MENA investors with extensive reach into more than 100 markets around the world, an unrivalled product range servicing all major listed and unlisted asset classes, delivered by in-country client service teams in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt. view more
IMF Executive Board Concludes 2021 Article IV Consultation with Saudi Arabia
July 8, 2021--July 8, 2021--The Saudi economy entered the COVID-19-pandemic with strong policy buffers and reform momentum. The authorities responded quickly and decisively to the crisis with a range of fiscal, financial, and employment support programs that helped cushion the impact of the pandemic on the private sector.
As the lockdown eased and the economy recovered in the second half of 2020, the government withdrew or increasingly targeted the temporary fiscal and employment support. SAMA's borrower support has been retained.
The economy is recovering well. The non-oil recovery that started in the second half of 2020 is expected to continue with non-oil growth projected at 4.3 percent this year. While central government fiscal consolidation will be a drag on growth, it is expected to be offset by higher Public Investment Fund investment and strong private demand. Real oil GDP growth is projected at -0.4 percent in 2021 as production is assumed to remain in line with the OPEC+ agreement and overall real GDP is expected to grow by 2.4 percent. Over the medium-term, growth is expected to accelerate as the economic reform agenda begins to pay dividends.
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Middle East and North Africa: Looking Forward
July 1, 2021--The decade following the so-called "Arab Spring" of 2010-2011 was marked by both successes and setbacks for countries of the Middle East and North Africa (MENA) region. An initial wave of reforms supported macroeconomic stability in some countries.
But the fact that youth and female unemployment remain unacceptably high reflects deep-seated human capital and governance challenges, often stemming from the influence of the state in economies.
Conflict persists in several countries, severely setting back development progress. Even prior to COVID-19, MENA was the only region in the world to see an increase in extreme poverty (measured at $1.90 per day), driven by conflicts in Syria and Yemen.
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