IMF Slashes Saudi Arabia Growth Forecast on Lower Oil Output
- Lender sees 0.4% growth in 2017, previous forecast was 2%
- OPEC members agreed to lower crude output to boost prices
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The International Monetary Fund cut its growth outlook for Saudi Arabia on lower oil production, underscoring the challenges facing the kingdom as it seeks to overhaul its economy.
Gross domestic product will expand 0.4 percent in 2017, the lender said in its World Economic Outlook report update on Monday, citing the impact of the recent deal by the Organization of the Petroleum Exporting Countries to reduce output. It compares with the fund’s October prediction of 2 percent, and a median estimate of 0.9 percent in a Bloomberg survey.