The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz/File Photo Acquire Licensing Rights
DUBAI, Oct 5 (Reuters) – The World Bank expects Saudi Arabia’s economy to contract by 0.9% in 2023, it said in a report on Thursday, revising its growth forecast for the world’s top oil exporter sharply lower on the back of production cuts and lower prices.
Overall growth in the Middle East and North Africa (MENA) region is also expected to slow, now forecast at 1.9% in 2023, down from 6% last year and lower than the 3% the World Bank forecast in April.
Saudi Arabia, the Arab world’s largest economy, has cut its oil production in a preemptive move it says is intended to stabilise the oil market. Oil prices remain below last year’s average of $100 a barrel.
The Saudi government…
