Oman, 19 November, 2024 : The International Monetary Fund (IMF) completed its annual Article IV consultations with Oman, highlighting positive economic performance, fiscal improvements, and the government’s structural reforms.
Oman’s real GDP grew by 1.9% in the first half of 2024, up from 1.2% in 2023, driven by a 3.8% rise in non-oil activities, particularly in industrial, manufacturing, and service sectors. Inflation dropped to 0.6% for January–September 2024, reflecting stable price management. Hydrocarbon activity declined due to voluntary OPEC+ production cuts.
The IMF praised Oman’s fiscal and current account surpluses and projected continued public debt reduction, supported by reforms and fiscal discipline. The non-oil primary deficit is expected to remain stable, while non-oil revenue growth is emphasized to drive diversification under Oman Vision 2040.
Oman’s banking sector remains resilient, with profitability recovering to pre-pandemic levels. The Central Bank’s monetary policy and efforts to enhance financial tools and digital transformation were commended.
Structural reforms in labor markets, renewable energy, SMEs, and state-owned enterprises were also lauded, alongside progress in digital transformation and the green hydrogen economy. Economic growth is projected to pick up in 2025 with increased oil production and robust non-oil activities.
Source : www.omannews.gov.om
