Saturday 07 / September / 2024
Muscat: The Sultanate of Oman will record the highest economic growth rate in the Arab countries in 2024, the International Monetary Fund ( IMF),said.
The International Monetary Fund expected that the Sultanate of Oman would achieve the highest economic growth rate in the Arab countries in 2024.
The IMF stated in the World Economic Outlook report for April 2023, issued on Tuesday that the GDP of the Sultanate of Oman is expected to grow at a rate of 5.2 percent next year to top the expected growth rates in the Arab countries, followed by Egypt at an expected growth rate of 5 percent, then the UAE at a growth rate of 3.9 percent.
It also expected the Sultanate of Oman to record the lowest inflation rate this year among the Arab countries, to reach only 1.9 percent.
The report pointed out that the growth rate in the gross domestic product of the Middle East and North Africa region next year is expected to be about 3.5 percent.
It said that global economic growth is expected to decline from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024.
The report also said:”It is expected that the advanced economies will witness a particularly noticeable slowdown in growth, from 2.7% in 2022 to 1.3% in 2023.”
It stated that the base scenario expects global headline inflation to decline from 8.7 percent in 2022 to 7.0 percent in 2023, on the back of lower commodity prices.
