IMF keeps gloomy Saudi growth outlook

The International Monetary Fund on Tuesday maintained its gloomy economic forecasts for Saudi Arabia due to low oil prices and lowered its expectations for the Middle East and North Africa overall. The Saudi economy is set to grow by 1.2 percent in 2016, the lowest in seven years, and by 1.9 percent next year, the IMF said in its latest World Economic Outlook. The downbeat predictions came despite the austerity measures taken by the kingdom to cut spending and boost non-oil revenues after postin