Saudi Arabia to pursue stimulus, expects growth of more than 4% in 2010
Posted by BusinessIntelligence Middle East
Source: BI-ME and Bloomberg , Author: BI-ME staff

Posted: Sun January 24, 2010 5:16 pm


SAUDI ARABIA. Saudi Arabian Finance Minister Ibrahim al-Assaf said the kingdom will continue to pump money to boost growth in 2010, even as the economy rebounds from last year's stagnation.

“At one point there will be a curbing of spending, but in my view 2010 is a year that needs continuous stimulus to the economy,” al-Assaf said today at the Global Competitiveness Forum, an investors’ conferencein the Saudi capital.

Saudi Arabia expects growth of more than 4% in 2010, the finance minister said. The country’s economy expanded 0.15% in 2009, according to Ministry of Finance estimates.

“Stimulus packages shouldn’t be withdrawn prematurely, nor should they be extended more than required so as not to produce inflationary pressures,” al-Assaf said.