IMF trims 2020 Saudi growth forecast to 1.9% on lower oil output - Reuters:
The International Monetary Fund (IMF) lowered its forecast for Saudi Arabia’s economic growth to 1.9% this year due to oil output cuts agreed with oil exporters, having previously forecast the kingdom’s gross domestic product would grow 2.2%.
Riyadh led an agreement last month that committed the OPEC+ group of oil producers to some of the deepest output cuts in a decade, to avert oversupply and support prices.
The IMF said growth in the Middle East and Central Asia this year is expected to be 2.8%, 0.1 percentage point lower than its estimate in October.
“The downgrade for 2020 mostly reflects a downward revision to Saudi Arabia’s projection on expected weaker oil output growth following the OPEC+ decision in December to extend supply cuts,” said the fund in an update of its World Economic Outlook report.
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