World Bank report lauds Oman's strong economic performance
Muscat – The World Bank's 2024 Gulf Economic Update report highlighted that the Sultanate of Oman has achieved significant positive fiscal and economic results despite regional and global challenges.
The report affirmed that Oman's economic performance reflects the success of its fiscal and economic policies amid global changes, aligning with the priorities of economic diversification and financial sustainability under 'Oman Vision 2040'.
It noted that Oman has recorded fiscal surpluses in recent years due to government measures to improve financial performance, as well as a current account surplus driven by growth in non-oil exports and services exports, strengthening its external position.
The report praised Oman's reduction of public debt from 68% to 35% of GDP, demonstrating its commitment to fiscal sustainability, along with its credit rating upgrade to an investment-grade level (BBB-) by S&P in 2024.
Additionally, Oman maintained low inflation at 0.6% in 2024, compared to the GCC average of 2%. Looking ahead, the report projected continued current account surpluses and growth in non-oil exports, supported by fiscal discipline and economic diversification efforts.
For the broader GCC, the report forecasted economic growth of 3.2% in 2025 and 4.5% in 2026, with the oil sector expected to grow by 5.7% and the non-oil sector by 4.9% in the medium term, while inflation remains low.
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