Oil Production Cuts Are Taking Their Toll On Saudi Arabia’s Economy

Saudi Arabia’s economy is set to markedly slow down this year from last year’s 8.7% `growth due to the oil production cuts the world’s top crude exporter is implementing in a bid to “stabilize the market.” The Kingdom saw its economic growth forecast for 2023 slashed by the most among major economies in the World Economic Outlook Update by the International Monetary Fund (IMF) this week.   Significantly lower Saudi GDP growth will also weigh on the regional economic growth in the Middle East and…