Global economic growth will be "disappointing" in 2016, the head of the International Monetary Fund (IMF) said in a guest article for German newspaper, Handelsblatt, published on Wednesday.
IMF Managing Director Christine Lagarde said that the prospect of rising interest rates in the U.S. and an economic slowdown in China were increasing economic uncertainty worldwide.
Saudi Arabia reported a record deficit and announced plans to cut public spending and increase revenues from non-oil sources this week, casting light on the impact from low prices on the world's top oil exporter.
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"If my inbox is anything to judge by, it's Saudi Arabia's austerity program which is driving most interest this week. That's a reminder that even the world's lowest-cost oil producer relies on high(er) prices to balance its budget and current prices don't come anywhere close," Kit Juckes, a strategist at Societe Generale, said in a research note on Wednesday.