MUSCAT : The World Bank expected the Sultanate’s GDP to grow by 3.4 percent during 2022, to rise to 4.1 percent next year.
In the new “Global Economic Prospects” report, which has been published on its website, it has been indicated that the Sultanate recorded a GDP growth of 3 percent in 2021.
The report stated that the global economic recovery is expected to slow in light of the continuing waves of the Covid-19 pandemic, the decline in available public financial support, and the persistence of bottlenecks on the supply side.
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The report added that shadows of the risks of various negative developments overshadowed the future prospects, including the new variants of the Corona virus, the departure of inflation expectations far from the target, and financial pressures.
Additionally, the report highlighted that if some countries eventually have to restructure debt, achieving recovery will be more difficult than in the past. Climate change may increase commodity price volatility. Social tensions may increase as a result of increasing inequalities and inequalities due to the pandemic.
In conclusion, the report has laid emphasis on these challenges indicate the need to intensify vaccination operations, enhance the sustainability of debt sustainability, export to climate change, disparities and inequalities, and diversify economic activity.
