Washington, Kingdom of Saudi Arabia's economy growth would continue during the current fiscal Year 2018-19, following a shrink of 0.9%, in 2017, International Monetary Fund (IMF) announced.
In a report, the IMF pointed out that such a growth is a result of the Kingdom establishment of capital market, through increasing financing small and medium size enterprises (SMEs) and expanding funding channels and opportunities, and furthermore, due to non-oil economic activity and expected increase of crude production.
Energy prices have shot up, since the issuance of the previous IMF report: (World Economy Prospects), in April 2018, taking advantage of oil prices rising, however, the report has explained that KSA increase of oil and Russia, as well, during the period, has managed to restore stability, in the world oil market.
The report concluded by expecting a rate of growth in the Middle East and North Africa of 2.2%, in 2018, and 2.5%, in 2019, respectively.
Source: Saudi Press Agency