Saudi Arabia‘s economic transformation as it reduces oil dependence is “progressing well”, with domestic demand and the kingdom’s macroeconomic policies helping to support non-oil growth, the International Monetary Fund said on Friday.
“Prudent macroeconomic policies, transformative changes … and strong domestic demand have helped prop up non-oil growth,” IMF staff said at the conclusion of its article IV consultation with Riyadh.
Still, non-oil growth was expected to decelerate this year as investment growth moderates. Real non-oil…
