IMF cuts Saudi Arabia 2016 growth forecast as oil price stays low:
"The International Monetary Fund has cut its economic growth forecast for Saudi Arabia’s non-oil sector this year to 0.3 per cent, underlining the depth of the slowdown in the oil-dependent kingdom following a two-year slump in crude prices.
In its latest regional outlook, the IMF forecast the Gulf state’s overall gross domestic product would expand by 1.2 per cent, its lowest level since the financial crisis of 2009, compared with 3.5 per cent last year.
The IMF had predicted in May that non-oil GDP would grow by 1.6 per cent but cut its projection to 0.3 per cent as government spending curbs continue to sap business confidence."
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