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(Bloomberg) – Saudi Arabia’s economic output is expected to contract this year as a series of oil-production cuts pose a risk to the kingdom which is heavily reliant on energy prices and crude production, according to the World Bank.

Gross domestic product in the OPEC+ member is now seen shrinking 0.9% this year, according to the World Bank’s latest economic update for the region, having been the fastest-growing economy in the Group of 20 club of countries in 2022.

Analysts including Bloomberg Economics also forecast the economy to contract because of an extension of production cuts until the end of this year.

Economic growth in the wider Middle East was also revised down by the Washington-based lender, which now sees it at nearly 2% in 2023.

“The 2023 forecast has been further revised downward in the past 12 months following the oil-production cuts announced by OPEC+ in October 2022 and April 2023, and the additional cuts announced by Saudi Arabia in June 2023,” according to the report.

Oil flows remain crucial to the Saudi economy, despite diversification efforts proposed by Crown Prince Mohammed Bin Salman in 2016 as part of his Vision 2030 plan. The commodity made up 80% of exports in 2022, rising to 93% when chemicals and plastics, mostly derived from crude, are included, according to Bloomberg Economics.