Saudi economy, banking system solid: IMF
RIYADH — Saudi Arabia's economy remains solid and its banks have weathered the global crisis, the IMF said in a report on Tuesday which also commended the world's leading oil exporter for helping stabilise oil prices.
"The outlook remains broadly positive" despite a projected one percent contraction in GDP this year due to lower oil production, the International Monetary Fund executive board said in the report.
It noted that non-oil GDP, which points to the ability of the economy to create jobs, is expected to grow 3.3 percent this year on the back of a massive government capital spending programme.
The IMF also said the country's banking system remains on firm ground.
"The banking system has weathered the global crisis. It remains profitable and well-capitalised with low non-performing loans."
