Oman, 10 December, 2024 : Oman’s economic growth is projected to accelerate to an average of 3% in 2025-2026, driven by ongoing government reforms and investments in non-oil sectors, according to the World Bank’s latest Gulf Economic Update.
The World Bank has revised its outlook for Oman, forecasting a slowdown in GDP growth for 2024, mainly due to continued OPEC+ oil output cuts. However, growth is expected to rebound in the following years, with higher oil production and diversification efforts boosting the economy.
The World Bank also anticipates a stronger outlook for the broader GCC region, forecasting 4.2% growth in 2025-2026, with the non-oil sector leading the way. Oman’s non-oil sector is expected to benefit from structural reforms and rising investments.
For 2024, the World Bank predicts subdued growth in the GCC, with inflation remaining stable at 2.1%. Despite fiscal pressures in several countries, diversification efforts continue to strengthen regional economies.
Among its GCC neighbors, Saudi Arabia is expected to see modest GDP growth of 1.1% in 2024, with a recovery to 4.7% in 2025-2026. The UAE’s growth is forecast at 3.3% in 2024, with a projected 4.1% increase in 2025-2026, while Qatar is expected to see a modest 2.4% growth in 2024-2025 before accelerating in 2025-2026. Kuwait, on the other hand, is projected to contract by 1% in 2024 due to extended production cuts.
Source : www.zawya.com
