IMF Cuts Saudi Arabia’s Growth Outlook Due To OPEC+ Oil Cuts

Saudi Arabia’s economy is expected to grow by 1.9 percent this year, the International Monetary Fund (IMF) said on Monday, revising down its forecast of 2.2-percent growth from just three months ago, due to expected lower Saudi oil production as the Kingdom has pledged to overcomply with the OPEC+ oil production cuts. In its January update of the World Economic Outlook (WEO) from October, the IMF cut on Monday its economic growth projections for the global economy and that in the Middle East and Central Asia region. Economic growth in the…