Supported by easing fiscal adjustment, infrastructure investment and reforms to promote non- oil sector activity Oman and other GCC economies are anticipated to record stronger growth this year, the World Bank said.
The World Bank projects Oman’s economic growth to pick up to 2.3 per cent in 2018, better than the average two per cent growth forecast for GCC countries as a group this year.
The World Bank estimates showed that Oman’s economy has recorded a 0.7 per cent growth in 2017.
The report added that Gulf economies were on a solid growth track, with gross domestic product (GDP) growth in 2018 expected to expand at the fastest rate since 2015.
“Overall, the Middle East’s GDP is expected to grow by 2.9 per cent this year, up from 1.1 per cent in 2017,” it added.
‘The GDP growth is projected to be positive at a rate of at least three per cent in 2018. This is driven by oil price recovery and efforts to diversify the economy and improve investment climate’, the budget statement had said. The World Bank said that strengthening private consumption and investment are anticipated to support stronger growth in the region.