The IMF, in the latest update to its World Economic Outlook, released 16 January, has slashed its forecast for Saudi Arabia’s 2017 economic growth to just 0.4%, down from its forecast of 2% growth made three months ago (MEES, 7 October 2016).

Unsurprisingly, Saudi Arabia has taken umbrage at the IMF’s GDP growth downgrade. Speaking on 19 January at the World Economic Forum (WEF) in Davos, Finance Minister Muhammad al-Jad’an told Bloomberg that 2017 economic growth would be “north of 1%.” Amongst other factors, Mr Jad’an cited expectations that investment in renewables (see p15) will help stimulate growth. (CONTINUED - 1034 WORDS)