Saudi Arabia forecasts 7.9% growth in 2024

The International Monetary Fund expects Saudi Arabia's economy to grow by 7.9% in 2027, driven by a recovery in energy production and exports, following the setbacks caused by Iran’s conflicts and disruptions in navigation through the Strait of Hormuz. The report indicated that Saudi Arabia was less affected by these disturbances due to the diversification of its oil export routes, such as the East-West pipeline, which facilitated redirecting exports via the Red Sea, with projections to increase its capacity to 10 million barrels per day. The IMF also anticipates the economies of other Gulf countries will recover in 2027, with high growth rates especially in Qatar and Kuwait, based on the assumption of a gradual reopening of the Strait of Hormuz by March 2027 and market stabilization, although rising oil prices do not fully compensate for the decline in production volumes.

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