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The International Monetary Fund (IMF) has raised its growth forecast for Saudi Arabia. citing higher oil prices. reported local daily Saudi Gazette.
The IMF said the Saudi economy which contracted by 0.9 per cent in 2017 would grow by 1.9 per cent in 2018. 0.2 per cent points up from its April projections.
Oil exporters in the region have benefited from the improved outlook for oil prices. but the outlook for oil importing countries remains fragile.
The IMF also slightly increased its growth estimates for the Middle East. North Africa. Afghanistan and Pakistan as a whole to 3.5 per cent for this year and 3.9 per cent for 2019.
