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Saudi Arabia’s Growth Outlook Boosted by IMF on Oil Surge

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Why the IMF Slashed Its Global Growth Forecast

The International Monetary Fund raised its estimate for Saudi Arabia’s economic growth by nearly three percentage points after Russia’s war on Ukraine drove oil prices higher. 

The kingdom’s gross domestic product is now seen expanding 7.6% this year before slowing to 3.6% in 2023, the IMF said Tuesday in its World Economic Outlook. The Washington-based lender cut its growth forecast for the world economy for 2022 by 0.8 percentage points to 3.6%, and also lowered its predictions for the U.S., China and India.