Saudi Arabia’s economy faces a setback

Saudi Arabia’s economy faces a setback

*DUBAI: The International Monetary Fund on Monday lowered its 2019 economic growth forecast for Saudi Arabia and the region over low oil prices and crude output *

In its World Economic Outlook update for January, the global lender lowered its projection for Saudi Arabia’s gross domestic product growth this year to 1.8 percent, down from 2.4 percent in its October report.

However it raised its forecast for next year by 0.2 percentage points, to 2.1 percent.

Riyadh has projected 2.6 percent GDP growth for 2019.

The world’s top crude exporter, the kingdom has been hit hard by tumbling oil prices and saw its economy shrink by 0.9 percent in 2017. - Agencies

Middle East