RIYADH: The International Monetary Fund has raised its expectations for the growth of the Saudi economy in 2023 to 3.7 percent, up from its previous forecast last April at 3.6 percent. 

The IMF has kept its expectations for the Kingdom’s economic growth during 2022 unchanged at 7.6 percent, according to an update of its World Economic Outlook. 

Internationally, the fund had cut global growth forecasts again, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked.

Global real GDP growth will slow to 3.2 percent in 2022 from a forecast of 3.6 percent issued in April, the IMF said in an update of its World Economic Outlook. 

It added that world GDP actually contracted in the second quarter due to downturns in China and Russia.