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Saudi economy to grow 6.5% in 2011, says IMF

The International Monetary Fund has said Saudi Arabia's economy is expected to grow by 6.5% this year, with increased oil output boosting the fiscal surplus, Bloomberg has reported. "The strong near-term economic outlook provides an opportunity to address longer-term priorities. Key steps will be to continue progress in diversifying the economy, building on the positive business environment, and continuing to improve access to finance," Masood Ahmed, the director of the Middle East and Central Asia department, said.