The employment rate increased slightly to 39.4 percent at the end of 2022 and 40.1 percent in the second quarter of 2023, following the pandemic low of 35.9 percent in September 2021. [...] Nevertheless, the outlook is subject to significant external uncertainties including the impact of global economic and financial headwinds, geopolitical developments, and the recently announced OPEC+ production cuts.14 Saudi Arabia Economic Outlook According to the World Economic Outlook (WEO) report issued in April 2023, the IMF’s projections indicate a 3.1 percent growth in the Saudi economy for. [...] The fi scal defi cit is projected to widen slightly, to 6.0 percent of GDP in 2022/23, and infl ation to increase to 20.0 percent due to high food and non-food prices and the devaluation of the Egyptian pound against the US dollar. [...] Following the peace dividend, inflation is projected to decline to 28.1 percent in 2023 and 20.1 percent in 2024.19 The fiscal deficit is projected to grow to 3.1 percent in 2023 and 2.5 percent in 2024 due to the expected increase in government 19 Global economic perspective forecast? // World Bank. [...] A continued reduction in transfers from the central bank to the treasury should reduce inflationary pressures in the medium term, narrow the gap between the official and the parallel exchange rates and lower the risk of a sudden devaluation.
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