The International Monetary Fund (IMF) revealed at the end of its consultations with the Omani authorities that the country's economy continues to expand significantly in light of low inflation and improving financial conditions.
The IMF indicated that the growth of the Omani economy reached 1.2 percent during 2023, before accelerating to 1.9 percent year-on-year in the first half of this year, affected by oil production cuts under the OPEC+ agreements, and driven by strong growth in non-hydrocarbon sectors such as construction, manufacturing, and services, by 1.8 percent last year, and 3.8 percent in the first half of 2024.
Oman has made significant progress in implementing financial and economic reforms under Vision 2040. On this basis, the Omani economy is expected to grow 1.2 percent this year, driven by OPEC+ oil production cuts. Still, it is set to recover from 2025, weighed down by increased hydrocarbon production and continued growth acceleration in non-hydrocarbon sectors.
