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Saudi Arabia: recession nearing an end

The latest Saudi GDP data paint a downbeat picture in which the recession has deepened amid oil output cuts. But the good news is that the recession looks to be coming to an end. And we think the economy will begin to recover over the coming quarters as the drag from oil production cuts fade and fiscal policy remains loose. That said, we still think growth will fall short of consensus expectations in 2024.

Note: Join our Drop-In briefing on Thursday 16th November on the Xi-Biden meeting, the fracturing of the global economy, and what this means for Saudi Arabian diplomacy. Register here for the 20-minute session. 

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