IMF Official: Saudi Economy Nearing Oil Dependence Reduction

The IMF predicts that Saudi Arabia's GDP growth will slow down to 3.1% this year due to the implementation of new OPEC+ quotas, but the country's government-led reforms and private investment in new sectors will support non-oil economic growth. The Saudi economy has become less dependent on oil due to the Vision 2030 plan, which aims to diversify the economy into sectors such as tourism and develop the financial and private sectors.