Saudi Arabia ranks 8th among the world’s 10 high growth economies in 2012, according to a report of the International Monetary Fund. “The IMF’s listing reflects the Kingdom’s economic strength and stability,” said Economy and Planning Minister Muhammad Al-Jasser. “The IMF has predicted that the actual growth rate of Saudi Arabia’s gross domestic product would reach six percent in 2012. This is a new international certificate that reaffirms the Kingdom’s economic stability and effectiveness of its economic policies,” he said.
Al-Jasser said the buoyant IMF economic outlook about Saudi Arabia is significant as it comes at a time when most countries in the world are facing economic downturn as a result of global recession and euro zone financial collapse. “The economic progress being witnessed by Saudi Arabia is the result of the intensive efforts of the government and the private sector to push growth factors within a comprehensive economic vision and its continuous economic reforms,” he said.
The minister said the preliminary estimate of the GDP for the first quarter of this year has confirmed the IMF outlook about the Kingdom. The General Statistics Department reported last week that the Kingdom’s GDP grew 5.94 percent in the first quarter of this year compared to the same period a year ago. “Preliminary information shows GDP in the first quarter of 2012 grew by 15.96 percent in current prices with its value reaching SR 612.295 billion against SR 528.002 billion during the same period in 2011. The GDP growth in real prices was 5.94 percent,” the department said.
Al-Jasser highlighted the Kingdom’s strong points that make it the region’s economic powerhouse, most importantly its position as a strategic source of energy, its capability to finance big investment projects, the presence of a strong banking system and its investment-friendly policies and regulations. The minister is optimistic about the future of Saudi economy in the backdrop of its huge financial capabilities. “Realizing a competitive and impressive position in terms of achievement and production is the crux of the national economic vision,” he added.
IINA
14 June
