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IMF forecasts slower growth for Saudi economy

The International Monetary Fund (IMF) has said oil-dependent economy of Saudi Arabia should remain 'buoyant,' although growth is forecast to slow to 6% this year, down from 7.1% in 2011, given uncertainties over the euro zone debt crisis and a decline in crude prices, Reuters has reported. Inflation would likely remain at around 5%, although the IMF urged Saudi authorities to monitor it closely for signs of economic overheating. The outlook for the Saudi economy was subject to "some uncertainty" given the prospect of lower oil prices, the IMF said.