Saudi Arabia could slash growth estimates as contraction looms - Reuters:
Saudi Arabia may have to revise down economic growth estimates as lower crude output and tumbling oil prices take their toll on economic activity, with some economists forecasting a contraction this year in the world’s biggest oil exporter.
The Saudi central bank forecast economic growth of at least 2% this year but economists now expect marginal growth at best or a slight shrinkage, its second in two years.
“A lot of this weakness is due to the impact of oil production cuts, which will exert a large drag on GDP growth,” said William Jackson, chief emerging markets economist at Capital Economics, which forecast 0.3% growth in 2019.
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