TRADE MISSION RIYADH/ SAUDI ARABIA

TRADE MISSION RIYADH/ SAUDI ARABIA

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From October 14 to 18, 2023

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Saudi Arabia's economic transition: vast reduction in oil dependency

Saudi Arabia's economic transition: vast reduction in oil dependency

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The International Monetary Fund (IMF) has pointed out that the Saudi Arabian economy faces a sharp slowdown in growth this year. However, he has also stressed that government-led reforms and increased private investment in new sectors will help support non-oil economic growth in the country. On the other hand, the IMF also stressed that the development of non-oil sectors, such as technology and tourism, is essential for economic diversification and the reduction of dependence on oil.

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