IMF Sees 2017 Saudi Growth ‘Close to Zero’ on Oil Prices, Cuts – Bloomberg

Saudi Arabia’s economy will stall this year with growth “close to zero” due to lower oil revenue, the International Monetary Fund said.The fund lowered its 2017 growth forecast to 0.1 percent from 0.4 percent, citing OPEC production cuts, uncertainty over oil prices and the structural reforms the country is undertaking to reduce its reliance on crude, it said in a statement on Friday concluding its Article IV consultation. The IMF also lowered its non-oil growth projection to 1.7 percent from 2.1 percent — compared with actual growth of 0.2 percent in 2016.

Source: IMF Sees 2017 Saudi Growth ‘Close to Zero’ on Oil Prices, Cuts – Bloomberg

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