The International Monetary Fund cut its growth outlook for Saudi Arabia to 0.4% in 2017, compared with the fund’s October prediction of 2.0%. The forecast reflects cuts in government spending as well as the impact of lower oil production, The Deputy Director of the IMF’s research department, Gian Maria Milesi-Ferretti, said. “There is a big adjustment in spending downwards,” he said. “There is an adjustment in taxes upwards, and as a result non-oil growth is not going to be as good as it was during periods of strong oil prices.” The IMF forecast growth to rebound to 2.3% in 2018, lower than its October projection of 2.6%. (Bloomberg)