The Kingdom of Saudi Arabia’s flag
The International Monetary Fund (IMF) slashed its 2023 growth forecasts for Saudi Arabia’s economy to 1.9% this year, from a 3.1% in its April report.
The IMF cut expectations for the Saudi gross domestic product (GDP) growth by 0.3% to 2.8% for 2024, from April’s forecasts of 3.1%, it said in its latest World Economic Outlook update released today, July 25.
The cut was triggered by the oil production cuts announced by the Kingdom in April and June in line with the OPEC+ agreement.
Private investments in Saudi Arabia, including those arising from major projects, still support the strong non-oil GDP growth, the IMF added.
It raised global growth forecasts in 2023 to 3%, up 0.2 percentage points from its previous forecasts of 2.8% in April. It kept expectations for growth unchanged at 3% for 2024.
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