IMF Slashes #Saudi Economic Growth Forecast to Near Zero for 2019 - Bloomberg

IMF Slashes Saudi Economic Growth Forecast to Near Zero for 2019 - Bloomberg:

The International Monetary Fund has turned far more downbeat on Saudi Arabia’s prospects, cutting its forecast for economic growth this year to just above zero. 


Gross domestic product will expand 0.2% in 2019, down from the fund’s earlier estimate of 1.9%, according to the fund’s World Economic Outlook published on Tuesday. It expects growth to pick up next year.

“While non-oil growth is expected to strengthen in 2019 on higher government spending and confidence, oil GDP in Saudi Arabia is projected to decline against the backdrop of the extension of the OPEC+ agreement and a generally weak global oil market,” it said. “The impact on growth of the recent attacks on Saudi Arabia’s oil facilities is difficult to gauge at this stage but adds uncertainty to the near-term outlook.”