IMF slashes Saudi Arabia growth forecast to 1.2 per cent | The National

IMF slashes Saudi Arabia growth forecast to 1.2 per cent | The National:

"The IMF slashed its forecast for growth in Saudi Arabia today, as it blamed the slowing Chinese economy, the collapse in oil prices, and a slowdown in emerging markets for a cut to the overall economic outlook for the world.

Saudi Arabia’s economy will grow at just 1.2 per cent in 2016, and 1.9 per cent the year after, the Fund expects. Both figures are one percentage point below the IMF’s October forecasts for growth in the Kingdom.

Saudi Arabia announced an austerity budget that in December that should see spending fall by 13 per cent this year. Government spending accounts for around a third of GDP."



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