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Saudi growth expectations cut by IMF

The International Monetary Fund has cut its growth forecast for Saudi Arabia for this year to 1.8%, down significantly from the estimate of 2.4% issued in October. Others have taken a similar approach, with Dubai-based Emirates NBD revising down its Saudi growth forecast for 2019 from 2.4% to 2%, on the back of weaker oil sector growth following the decision by members of the Organisation of the Petroleum Exporting Countries (Opec) to again curb output from the start of this year.

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African Energy Gulf States Newsletter