Revelation 18:10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.

11 And the merchants of the earth shall weep and mourn over her; for no man buyeth their merchandise any more:

12 The merchandise of gold, and silver, and precious stones, and of pearls, and fine linen, and purple, and silk, and scarlet, and all thyine wood, and all manner vessels of ivory, and all manner vessels of most precious wood, and of brass, and iron, and marble,

13 And cinnamon, and odours, and ointments, and frankincense, and wine, and oil, and fine flour, and wheat, and beasts, and sheep, and horses, and chariots, and slaves, and souls of men.

14 And the fruits that thy soul lusted after are departed from thee, and all things which were dainty and goodly are departed from thee, and thou shalt find them no more at all.

15 The merchants of these things, which were made rich by her, shall stand afar off for the fear of her torment, weeping and wailing,

16 And saying, Alas, alas that great city, that was clothed in fine linen, and purple, and scarlet, and decked with gold, and precious stones, and pearls!

17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,

18 And cried when they saw the smoke of her burning, saying, What city is like unto this great city!

19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.

20 Rejoice over her, thou heaven, and ye holy apostles and prophets; for God hath avenged you on her.

Revealed: what the IMF thinks of Saudi economic progress. NEOM Babylon.

International Monetary Fund says Saudi growth is expected to pick up over the medium-term as ongoing reforms take hold

Arabian Business. July 20, 2019.

Saudi Arabia’s real non-oil growth is expected to strengthen to 2.9 percent in 2019 as government spending and confidence increase, according to the International Monetary Fund (IMF).

The executive board of the IMF also said real GDP growth is projected to slow to 1.9 percent as real oil growth slows to 0.7 percent with the implementation of the OPEC+ agreement.

Growth is expected to pick up over the medium-term as ongoing reforms take hold while the unemployment rate among Saudi nationals has moved down but remains high at 12.5 percent, the IMF said after concluding an Article IV Consultation with Saudi Arabia.

It noted that the fiscal deficit is projected to widen to 6.5 percent of GDP in 2019 from 5.9 percent of GDP in 2018 as spending is projected to increase and exceed the budgeted amount and offset an increase in non-oil revenues.

The deficit is then projected to decline to 5.1 percent of GDP in 2020. With oil prices implied by futures markets declining over the medium-term, the deficit is then projected to widen, the IMF added.

Its report said inflation has declined in recent months, mainly due to falling rents, and is forecast to decline by 1.1 percent in 2019, before turning positive in 2020 as further energy price increases are implemented. Credit growth is expected to strengthen with the stronger non-oil economy and bank liquidity should remain comfortable.

The IMF said authorities are continuing to implement their reform agenda which includes lowering the registration threshold for VAT, adjusting gasoline prices on a quarterly basis, and increasing fiscal transparency. Reforms to the capital markets, legal framework, business environment, and SME sector are also ongoing.

IMF executive directors commended the authorities for the progress in implementing their economic and social reform agenda, adding that the reforms have started to yield results and that the outlook for the economy is positive.

Directors encouraged the authorities to build on their fiscal reforms by continuing with the planned energy and water price reforms and increases in expatriate labour fees.

They also considered that additional fiscal measures would also be needed and highlighted that containing the government wage bill and a more measured increase in capital spending could yield fiscal savings.

Directors welcomed the ambitious reforms to develop the non-oil economy, adding that policies to develop new economic sectors will be successful if Saudi workers have the skills for the private sector and the incentives to offer them at competitive wages.

The IMF report underscored that reforms should be inclusive and vulnerable households protected from any negative effects.

It also agreed that given the current structure of the economy, the exchange rate peg to the US dollar continues to serve the economy well.

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