Oman’s GDP predicted to be 2nd in GCC
Muscat, The Gulf Observer: The World Bank reveals its forecasts for the Sultanate of Oman’s GDP growth, says it has the second highest growth rate among the GCC countries.
The World Bank expected the Sultanate of Oman’s GDP – gross domestic product to grow at market prices at a rate of 3.9 percent this year, which is the second highest growth rate in the GCC countries after the UAE.
The bank confirmed, in a new report issued by it, that the gross domestic product (GDP) in the Middle East and North Africa region will grow at a rate of 3.5 percent this year, to decline to 2.7 percent in 2024.
It indicated that the GCC countries could still maintain an inflation rate below the global average during 2023.
The bank also said that the global growth is slowing sharply in the face of high inflation, high interest rates, low investment, and the turmoil caused by the Russia-Ukraine war.
According to the World Bank report entitled “Global Economic Prospects”, given the fragile economic conditions, any new negative development, such as higher-than-expected inflation, a sudden rise in interest rates to contain it, a resurgence of the COVID-19 pandemic, or escalating geopolitical tensions, could this is driving the global economy into recession, and this will be the first time in more than 80 years that two global recessions have occurred during the same decade.
The bank stated that the global economy is expected to grow by 1.7 percent in 2023 and 2.7 percent in 2024.
