DUBAI: The International Monetary Fund (IMF) expects growth in Saudi Arabia to slow to 2.1% in 2023 on the back of OPEC+ production cuts announced in April, it said in a statement on Wednesday, lower than its latest forecast released in May.
The Fund had forecast Saudi GDP growth at 3.1% last month. The Saudi economy grew 8.7% last year, as high oil prices boosted revenue and led to the kingdom’s first budget surplus in almost 10 years.
Saudi to cut oil output in July, OPEC extends deal into 2024
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