“The International Monetary Fund (IMF) has affirmed the continuation of Oman’s economic recovery, projecting a growth of 4.3% in 2022. This growth is primarily driven by the rise in oil prices and the expansion of both oil and non-oil activities.
The IMF mission, concluding its visit to the Sultanate of Oman, highlighted the acceleration in the growth pace of non-oil activities from 1.2% in 2022 to 2.7% in the first half of the current year. The Fund’s estimates anticipate a surplus in the current account, reaching 3.1% and 3.4% of Oman’s Gross Domestic Product in 2023 and 2024, respectively.
The Fund also noted a significant decline in the public debt level in 2022, leading to an upgrade in Oman’s credit rating. It is expected that public debt levels will continue to decrease, reaching 29.4% in 2028.”