The World Bank’s revised forecast for Oman’s economic growth to 2.7% in 2024 and a further uptick to 2.9% in 2025 signifies a promising outlook for the country’s financial landscape. This encouraging projection follows a year of slower growth, emphasizing the Sultanate’s potential to rebound and thrive in the coming years.
Yet, while Oman sees an optimistic upturn, the global economic sphere faces significant challenges. The report underscores the overarching slowdown in the global economy, citing the lowest growth rates experienced over 30 years. Although the U.S. economy’s robustness has alleviated the threat of a worldwide recession, escalating geopolitical tensions pose new risks on the horizon.
The medium-term outlook appears bleak for numerous developing economies grappling with decelerating growth rates across major economic hubs. Sluggish global trade, a core pillar of economic vitality, is expected to remain at half its pre-pandemic average in 2024. Simultaneously, borrowing costs for developing economies, particularly those with fragile credit standings, are anticipated to persist at elevated levels, with global interest rates hovering at four-decade highs, excluding inflationary influences.
World Bank anticipates remarkable economic boom in Oman
The Sultanate of Oman receives a positive economic prognosis as the World Bank raises its growth forecast to 2.7% for this year, a significant leap from the previous year's 1.4% rate in 2023.
