[Dubai Reuters]-The International Monetary Fund (IMF) lowered its forecast for Saudi Arabia's economic growth this year to 0.2% from the previous 1.9% in the World Economic Outlook (WEO) announced on the 15th Fixed. The main reason is the reduction of crude oil production.
In September, the oil facility attack in Saudi Arabia, the world's largest crude oil exporter, halved production. The IMF pointed out that the short-term outlook has become more uncertain, making it difficult to scrutinize the impact on Saudi growth.
Saudi Arabia, the largest economy in the Arab world, has faced difficulties in recent years due to austerity measures to reduce oil prices and reduce massive fiscal deficits. In 2017, it recorded the first negative growth since the global financial crisis about 10 years ago. However, last year's positive growth was 2.2%, supported by the strong oil sector.
The IMF expects the Saudi economy to pick up again next year, growing 2.2%. The oil production was stable and the non-oil sector was expected to maintain steady momentum.
