Oman’s real GDP set to grow by 2.4 per cent

06 Jun 2017
POSTED BY Y Magazine

Growth is expected to pick up to 2.9 per cent in 2018, assuming a moderation of geopolitical tensions and an increase in oil prices.



The Sultanate’s real GDP will increase to 2.4 per cent in 2018 and 2.9 per cent in 2019 compared to 0.9 per cent in 2017, according to World Bank report published on its website on Monday under the title ‘Global Economic Prospects.’’

The bank said that growth in the region is projected to fall to 2.1 per cent in 2017 as the adverse impact of Organisation of the Petroleum Exporting Countries (Opec) oil production cuts outweighs modestly improving conditions for importers.

Growth is expected to pick up to 2.9 per cent in 2018, assuming a moderation of geopolitical tensions and an increase in oil prices.

The World Bank forecasts that global economic growth will strengthen to 2.7 per cent in 2017, as a pickup in manufacturing and trade, rising market confidence, and stabilising commodity prices allow growth to resume in commodity-exporting emerging market and developing economies.

It said that the growth in Asia and Pacific is projected to ease to 6.2 per cent in 2017 and to 6.1 per cent in 2018, as the gradual slowdown in China is offset by a pickup elsewhere led by a rebound among commodity exporters and accelerating growth in Thailand.

The bank said that the global growth forecasts are affected by major risks.

New trade restrictions could derail the welcome rebound in global trade. – Agencies 


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