Economics
IMF Raises Saudi Arabia's 2018 Growth Forecast as Oil Climbs
- Growth forecast revised upwards from 1.1% earlier estimate
- Higher oil prices, government handouts could boost economy
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The International Monetary Fund has raised its economic growth forecasts for Saudi Arabia as oil prices rise, though the pace of expansion remains below government estimates.
Gross domestic product will likely grow 1.6 percent this year, the IMF said on Monday, compared with an earlier forecast of 1.1 percent. The Washington-based lender also revised its 2019 economic growth forecast to 2.2 percent from 1.6 percent. The government expects GDP to grow 2.7 percent this year.