Middle East

Saudi growth at 14-year low as oil prices tumble

Saudi Arabia’s economy is set to grow this year at the slowest pace since 2002 as the oil-price plunge drains the kingdom’s finances, according to projections released by the International Monetary Fund and HSBC.


IMF cuts global growth forecasts amid China concerns

Slowing growth in China and rising geopolitical tensions has led the International Monetary Fund (IMF) to cut its growth forecasts for the next two years. In its latest World Economic Outlook, the IMF predicted world growth of 3.4% this year followed by 3.6% in 2017.

Other News

Lagarde endorses Nigeria’s efforts to tackle corruption

The head of the International Monetary Fund (IMF) has endorsed Nigeria’s efforts to tackle corruption in the country. Christine Lagarde said the country needed to reduce its reliance on oil as a sharp drop in prices has already taken its toll on the economy.


FTSE drifts lower as IMF boss warns of ‘disappointing’ global growth in 2016

The London market drifted downwards, after warnings from the head of the International Monetary Fund (IMF) that global growth next year would be “disappointing and uneven”. IMF managing director Christine Lagarde said the prospect of further interest rate hikes in the US and an economic slowdown in China contributed to uncertainty and helped slow worldwide growth. The FTSE 100 Index fell 32.3 points to 6281.2, amid thin trading and little corporate or economic news following the Christmas break.

Oil & Gas

IMF downgrades global economic growth forecast

China’s slowdown and tumbling commodity prices will push global economic growth this year to the lowest level since the recession year 2009, the International Monetary Fund has predicted. In a report in advance of the IMF-World Bank annual meetings in Lima, Peru, this week, the fund said the world economy will grow 3.1% this year, down from a July forecast of 3.3% and from 3.4% growth last year. “The risks seem more tilted to the downside than they did just a few months ago,” IMF chief economist Maurice Obstfeld told reporters. Mr Obstfeld downplayed the risk of a global recession, however.

Oil & Gas

IMF sees average oil price of $59 per barrel in 2015

A report from the IMF (International Monetary Fund) has found oil prices have rebounded more than expected, after falling by more than half a year ago. The findings were revealed in the latest World Economic Outlook which said the rise in the price of oil reflected higher demand and expectations that oil production growth in the US would slow faster than previously forecast. It predicted the average price of oil to be $59 per barrel over the year.


IMF marks down its reading of UK growth amid falling oil prices

The International Monetary Fund (IMF) today sharply marked down its reading of UK growth for 2014 and also slashed its forecasts for global growth this year and next amid a mixed effect from falling oil prices. Its latest World Economic Outlook update estimated that gross domestic product (GDP) in Britain grew by 2.6% in 2014 compared to a previous forecast of 3.2%. The IMF said that apart from in the United States, the economic performance of all major economies had fallen short of expectations. It also appeared to back further stimulus measures that look likely to be unveiled in the eurozone this week.