Minister of Finance Mohammed Al-Jadaan
Inflation rate reached 8.8% worldwide, according to the International Monetary Fund’s (IMF) estimates. However, the Saudi government has taken proactive interventions that contributed to curbing local inflation, Saudi Minister of Finance, Mohammed Al-Jadaan stated.
At the press conference on announcing the state's 2023 general budget, he added that putting a ceiling on fuel prices in Saudi Arabia helped to slow down inflation in the Kingdom, compared to the rest of the world.
He expected that Saudi inflation rate to reach 2.6% by 2022-end, and it would retreat in the coming years.
Investment is estimated to grow at a faster pace over the next year, with expectations of higher private-sector participation.
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