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Saudi 2022 budget: Local forecasters see surplus as World Bank, IMF predict shrinking deficit

CAIRO: Saudi Arabia will announce its budget for the fiscal year 2022 in December amid different forecasts from international and local organizations with some predicting a surplus while others expecting a shrinking budget deficit.

However, in its pre-budget statement, the Saudi Finance Ministry predicted the fiscal balance to reach deficits of SR85 billion ($22.7 billion) and SR52 billion in 2021 and 2022 respectively.

The deficit for this year, according to the official projection, will be around 2.7 percent of the gross domestic product while next year it is likely to shrink to 1.6 percent.

Despite varying forecasts, the economy of the Kingdom remained buoyant despite COVID-19 restrictions mainly due to the government’s…

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