A view shows Saudi Aramco's Abqaiq oil facility in eastern Saudi Arabia in this undated handout photo. Saudi Aramco/Handout
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The International Monetary Fund Monday raised its growth projection for the deficit-hit Saudi economy on the back of higher oil prices but retained its estimates for the region.In its World Economic Outlook update, the IMF said the Saudi economy -- which shrank 0.7 percent last year -- is expected to grow by 1.6 percent in 2018, up 0.5 percent on its October estimates.The Saudi economy is also projected to grow by 2.2 percent next year, up 0.6 percent on the previous estimate, it said.
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