Research firm "Capital Economics" predicted that oil production cuts will shrink Saudi Arabia's economy over the year as a whole, but this decline is supposed to begin to fade in the second half of 2024. With oil prices likely to remain high, fiscal policy will remain supportive, along with interest rate cuts. The report predicted that oil production cuts would shrink Saudi Arabia's economy by 1.3 percent this year, much weaker than consensus expectations. It expects GDP growth to recover next year to accelerate sharply in 2025 to 6.3 percent as OPEC+ raises oil production quotas from mid-2024.
Source (Al-Arabiya.net Website, Edited)
