The attacks on Saudi Arabia's oil facilities last month are expected to imp...
DUBAI - The attacks on Saudi Arabia’s oil facilities last month are expected to impact economic growth this year, the World Bank said in a report, adding that the decline could be partially offset by a boost in government spending in the non-oil sector.
Saudi Arabia’s gross domestic product growth this year is forecast at 0.8%, down from an earlier World Bank estimate of 1.7% in April, pressured by oil production cuts and a worsening global outlook, according to the report. Government data showed last month the Saudi economy slowed sharply in the second quarter, paying the price of restraining crude production by more than called for by an OPEC-led supply deal to support oil markets.
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