Saudi Arabia’s economy will stall this year with growth “close to zero” due to lower oil revenue, the International Monetary Fund said. The IMF also lowered its non-oil growth projection to 1.7 percent from 2.1 percent—compared with actual growth of 0.2 percent in 2016. An employee looks out from the 32nd floor viewing platform of the Al Faisaliah Tower, as skyscrapers and commercial buildings stand beyond, in Riyadh, Saudi Arabia, on Thursday, Dec. 1, 2016. BloombergEven so, the fund said it welcomed the government’s direction, which it said would help the fiscal deficit “narrow substantially in the coming years. “Non-oil growth is expected to pick up this year and overall growth is expected to strengthen over the medium term as structural reforms are implemented,” the IMF board said in the statement released on Friday.

Source: The Standard July 23, 2017 06:56 UTC