IMF: Saudi’s Oil GDP To Fall 2% On Back Of OPEC Cuts

22 Jul 2017   Saudi Arabia

The International Monetary Fund expects Saudi Arabia’s oil gross domestic product (GDP) to fall by 1.9 percent this year as the OPEC leader commits to implementing the bloc’s production cuts. The oil production cuts are affecting overall real GDP growth as well, which the IMP expects to be “close to zero”. Non-oil GDP growth will hover around 1.7 percent and accelerate in the medium term as structural reforms promised in the Vision 2030 agenda began to take shape. “Fiscal consolidation efforts are beginning to bear fruit, progress with reforms to improve the business environment are gaining momentum, and a framework to increase the transparency and accountability of government is largely in place,” the IMF report read. “Effective prioritization, sequencing, and coordination of the reforms is essential, and they need to be well-communicated and equitable to gain social buy-in and ensure their success.” The success of Crown Prince Mohammed bin […]

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