IMF Lowers GDP Growth Forecast for Saudi Arabia

The International Monetary Fund has lowered its GDP growth forecast for Saudi Arabia for 2023 to 1.9 percent in its latest report on global economic prospects released today, Tuesday. The bank had previously projected Saudi GDP to be 3.1 percent in its report published in May, as the kingdom continues to reduce its oil production. The Saudi economy grew by 8.7 percent last year, boosted by rising oil prices which enhanced revenues and resulted in the first budget surplus for the kingdom in nearly a decade.