Fitch Ratings has affirmed the growth of the Kingdom of Saudi Arabia’s economy at ‘A+’ with a Stable Outlook. The affirmation of the ratings and Outlook were welcomed by the Saudi Ministry of Finance, Asharq Al-Awsat informed.
Fitch increased its estimate for the growth of the Kingdom’s economy in 2018 by 2.2 percent compared to 1.8 percent in its previous report in June.
Fitch’s report in this regard comes in line with the estimates of the International Monetary Fund on the Saudi economy’s growth.
The affirmation of the positive ratings and Outlook reflect the confidence in the Saudi economy and the effectiveness of the economic reforms taken by the Kingdom’s government within the framework of the Fiscal Balance Program to achieve its goals in 2023.