Middle East & Africa: Economic overview
Saudi Arabia’s focus on non-associated gas production is set to continue despite the kingdom’s weak economic prospects.
The International Monetary Fund (IMF) has lowered its GDP growth forecasts for Saudi Arabia for this year and next. The IMF expects the kingdom’s economy to expand on an annual basis by 0.1% in 2017 and 1.1% in 2018, lower than its previous forecasts of 0.4% and 1.3% respectively. The agency cites the kingdom’s involvement in the OPEC oil output cut as the primary reason for the downgrade.