Oman recovering, IMF says, though more reforms required | Reuters
Oman's economic recovery is continuing, the International Monetary Fund (IMF) said on Thursday, adding that while it expects growth to rebound in 2024 after a slowdown this year on the back of oil production cuts, reforms need to continue.
GDP growth in the wider Gulf region is expected to slow in 2023 to 1.5%, the IMF said in October in its latest regional update, as oil GDP declines on lower crude production and prices. But overall growth is forecast to reach 3.7% next year.
After a visit to Oman, the IMF forecast its GDP growth would be 1.3% this year, from 4.3% in 2022. Last month it forecast Oman's growth to recover to 2.7% in 2024, buoyed by higher hydrocarbon output and strong non-oil growth.
"Nevertheless, the outlook is subject to high uncertainty, including from oil price volatility, global economic and financial developments, and potential indirect spillovers from the ongoing conflict in Gaza," it said in a statement.
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