Saudi Arabia's economic growth is likely to be among the slowest among the Arab Gulf states this year, a Reuters survey showed. According to the survey, the Saudi economy will grow 1.3 percent this year, down from a forecast of 1.9 percent growth in the April poll and well below the 3 percent expected in January.
The IMF expects the Saudi economy to grow by 1.7 percent in 2024. It also raised its growth forecast for the coming year to 4.7 percent, versus its previous estimate in June of 4.5 percent. Despite the war in the Middle East, oil prices have struggled to stay above $80 a barrel, prompting the International Monetary Fund to cut growth forecasts this year for Saudi Arabia, the region's largest economy.
Source (Al-Arab Newspaper of London, Edited)
