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Saudi Arabia’s economy is witnessing remarkable growth as a result of the strong recovery in private investment, the strong pace of growth of the non-oil sector, and the continued implementation of economic reforms, IMF staff said in their final statement on concluding the 2023 Article IV consultation with the Kingdom.
IMF staff praised the continued implementation of the structural reform’s agenda of Vision 2030 towards a sustainable and more productive economy, which witnessed remarkable progress in the field of digitalization, regulatory and business environment, and women's participation in the workforce.
They also stressed that the implementation of the ambitious reform program will help achieve strong, comprehensive, and sustainable growth.
Meanwhile, they pointed out that Saudi Arabia is the fastest growing economy among the G20 nations in 2022, and that unemployment rates among Saudis have declined to their lowest historical levels, in addition to the rise in the rate of women's participation in the labor market to about 36% in 2022, exceeding the target of Vision 2030.
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