Growth outlook lowered for Gulf Arab economies this year - Reuters:
Expectations for growth in the Arab Gulf economies this year have been lowered, according to a quarterly Reuters poll of economists released on Wednesday, as oil output cuts, austerity measures and sluggish non-oil growth continue to weigh on them.
Gross domestic product in Saudi Arabia, the largest Arab economy and the world’s top oil exporter, will grow 1.8 percent in 2019 and 2.2 percent in 2020, the poll of 23 economists projected. Three months ago, the forecasts were for growth of 2.1 percent in 2019 and 2.2 percent in 2020.
The Saudi economy grew 2.21 percent in 2018, buoyed by strong oil sector growth and recovering from a 0.74 percent contraction in 2017 when the economy was hit by weak oil prices and austerity measures.
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