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

In its World Economic Outlook update for January, the global lender loweredits projection for Saudi Arabia’s gross domestic product growth this yearto 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, to2.1 percent.

Riyadh has projected 2.6 percent GDP growth for 2019.

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