MUSCAT: The Sultanate of Oman is expected to record the third highest economic growth rate in the Gulf Cooperation Council countries in 2022, the World Bank has predicted.
In a new report issued, it was stressed that the Sultanate’s GDP is expected to grow by 5.6 per cent, Saudi Arabia is expected to record a growth rate of 7 percent, then Kuwait with a growth rate of 5.7 percent, while Bahrain is expected to record a growth rate of 3.5 percent, and Qatar 4.9 percent, and the UAE 4.7 percent.
The international body has pointed out that Iraq is expected to record the highest economic growth rate in the Arab countries of about 8.8 percent, while Lebanon will witness the largest decline in economic growth at a negative 6.5 percent.
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The report said that the Russian invasion of Ukraine affects the regions of emerging market and systemic economies, to varying degrees, through the effects on world trade and global output, commodity prices, the level of inflation, and interest rates.
The repercussions of the war will be even more severe for Europe and Central Asia, where output is expected to shrink sharply this year.
The report added that output growth is expected to slow in all other regions, with the exception of the Middle East and North Africa.
Here, it is expected that the benefits resulting from higher energy prices for energy-exporting countries outweigh the negative effects of this rise for other economies in the region, and the balance of risks is tilted for all regions of emerging market and developing economies towards the opposite developments.
