The World Bank expects attacks on Saudi Aramco’s facilities last month to affect Saudi economic growth this year.
The bank said in a report that the expected growth of Saudi GDP this year is only 0.8%, down from previous estimates of the bank’s growth of 1.7% in April, due to cuts in oil production and the deterioration of the global outlook.
The bank’s current estimate is well below Saudi Arabia’s own forecast, with the kingdom projecting GDP growth of around 1.9% this year.
Government data showed last month that the Saudi economy slowed sharply in the second quarter of this year as a result of restricting crude production beyond the target under the supply agreement led by the Organization of Petroleum Exporting Countries (OPEC) to support oil markets.
