IMF cuts Saudi Arabia's growth forecast to 0.8% for 2023
© Reuters. FILE PHOTO: Clouds move over the Riyadh skyline November 17, 2013. Picture taken November 17, 2013. REUTERS/Faisal Al Nasser/File Photo
Growth for the Middle East and Central Asia region is forecast at 3.4% in 2024, recovering from an estimated 2% growth this year. The forecasts were made before the conflict broke out between Israel and the Palestinian Islamist group Hamas on Oct. 7. It has gradually lowered its overall growth forecasts for Saudi Arabia, the world's biggest oil exporter, over the course of this year on the back of lower prices and cuts to crude production.
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