A team of IMF staff, headed by Cesar Serra, has completed a visit to the Sultanate of Oman to discuss economic and financial developments, future prospects, the country's economic policy, and reform priorities.
The IMF indicated that the Omani economy continues to grow, and inflation has been contained at low levels, with real GDP growing by 4.3 percent in 2022, mainly driven by a significant expansion in production within the hydrocarbon sector. Reflecting the decision to reduce oil production under the OPEC+ agreement and the limited growth in the non-hydrocarbon sector. As a result of the weak recovery in construction activity, the slowdown in global economic activity, and the tightening of financial conditions, as expectations indicate that economic growth will slow to 1.3 percent in 2023, with growth returning at a higher pace in 2024 to about 2.7 percent.
Source (Alkhaleej Emirati Newspaper, Edited)
