MUSCAT: The Oman economy is forecast to grow 5.6 per cent in 2022, according to the latest projections by International Monetary Fund (IMF).
High oil prices and Oman’s potential on hydrocarbons and wide ranging government reforms gives the country room for further upward revision of growth outlook.
The IMF said the growth outlook of GCC countries have significantly benefitted from higher oil and gas prices. Last week, the World Bank said the Sultanate’s economy is on a solid path to recovery amid the easing of pandemic pressures.
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“Frontloaded fiscal reforms, including VAT, and cuts in spending are expected to turn the country’s fiscal and current account deficits into surpluses, starting from 2022,” the World Bank said in the report.
