The Saudi bourse’s main index rose to its highest in over two months early on Thursday after the IMF held its 2022 economic growth forecast for the kingdom while other markets in the Gulf eased amid concerns about a potential global recession.
Saudi Arabia’s benchmark index gained 0.3%, reaching its highest since June, with Al Rajhi Bank rising 1% and Retal Urban Development Co adding 0.7%. The International Monetary Fund (IMF) on Wednesday maintained its economic growth forecast for Saudi Arabia even as concerns persist that the global economy may heading towards a recession.
Saudi Arabia’s economy was still projected to grow by 7.6% this year, which the IMF said would likely be one of the fastest growth rates in the world, helped by strong oil demand and 4.2% expected growth in the kingdom’s non-oil sector.
Published in The Express Tribune, August 19th, 2022.
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