Saudi economic growth to double on high oil prices

High oil prices will push Saudi Arabia’s economy into high-growth mode, more than doubling this year, according to the International Monetary Fund (IMF), which raised its growth forecast for the Kingdom on Tuesday. 

The IMF is targeting 7.6% growth for the Saudi economy this year, raising its forecast by 2.8%.

While much of this was attributed to multi-year-high oil prices, the IMF has also noted growth and expected further growth in non-oil revenues. 

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