Economic Growth Forecast for 2023: Oman ranks fifth in the Arab world

Oman Sunday 05/February/2023 12:47 PM
By: Times News Service
Economic Growth Forecast for 2023: Oman ranks fifth in the Arab world

Muscat: The Sultanate of Oman ranked fifth in the Arab world in terms of the highest economic growth rates for the year 2023, according to a new classification prepared by the ‘American Visual Capitalist’ magazine.

In its report titled ‘GDP Growth Forecasts by Country, in 2023,’ the ‘American Visual Capitalist’ magazine indicated that the expected economic growth rate for the Sultanate of Oman this year is 4.1 percent , which places it at the fifth spot in the Arab world.

Leading Arab Economies

Among the Arab countries, Libya is expected to lead with an economic growth rate of 17.9 percent. Next in place is Djibouti with a predicted growth of 5 percent while Mauritania will most likely witness 4.9 percent economic growth. UAE stands fourth in the Arab world, with an estimated growth rate of 4.2 percent.

The highest expected economic growth rate in the world is for the Macao Special Administrative Region of China, with a rate of 56.7 percent, followed by Libya with a rate of 17.9 percent, followed by Palau, which is located in the western Pacific Ocean, with a rate of 12.3 percent.

Cost of War

The magazine confirmed that since Russia's intervention in Ukraine early last year, talk of a global recession has dominated forecasts for 2023. It further added that high inflation, caused by rising energy costs, has affected GDP growth.

It stated that for European economies, energy prices are very important, and although fuel prices have reduced from peak levels, the continent is still on shaky ground.

The report highlighted the tightening of monetary policy in the United States, where interest rates jumped from nearly 0% to more than 4% in 2022.

The magazine indicated that overall the global economy is expected to witness a growth in gross domestic product of only 2.9 percent in 2023, down from 3.2 percent in 2022.