Saudi Arabia was already under pressure from Iran’s blockade of the Strait of Hormuz, when renewed fighting between Saudi-backed forces and Houthi rebels in Yemen spilled onto its soil. (EPA Images pic)RIYADH: Saudi Arabia, the world's top oil exporter, faces a major economic contraction this year, the IMF said Tuesday, as deadly attacks by Yemen's Houthis squeeze a country already suffering from the Middle East war.
Saudi Arabia's GDP is expected to shrink by 3.3%, the International Monetary Fund said in its latest World Economic Outlook report, predicting a regional drop over Iran's blockading of the Strait of Hormuz.
The report was compiled before 13 people were killed on Saturday -- the deadliest attack in Saudi Arabia in more than a decade -- during a series of lethal Houthi strikes on Riyadh's international airport.
