GDP data released by Saudi Arabia this week showed that its economy slowed sharply in Q1 and, as the drag from oil output cuts intensifies and fiscal policy is tightened, growth will weaken further. Meanwhile, plans for a public listing of state-owned oil company, Aramco, may not have been binned after all. And the IMF’s latest assessment of Lebanon’s economy supports our view that the government will be forced to restructure its large debts in the coming years.
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