Oman's economy on path to recovery: IMF

Muscat: The International Monetary Fund (IMF) has confirmed that Oman's economy continues on the path to recovery, having achieved a growth of 4.3 per cent in 2022, driven mainly by the rise in oil prices and growth of both oil-based and other sectors.

After a visit to the Sultanate of Oman by a team from the IMF, the mission pointed out the acceleration in the pace of growth of non-oil-based activities from 1.2 per cent in 2022 to 2.7 per cent in the first half of this year.

The Fund estimates that the current account will achieve a surplus of 3.1 per cent and 3.4 per cent of the Sultanate of Oman’s GDP in 2023 and 2024, respectively.

The International Monetary Fund statement said: "The level of public debt recorded a significant decline in 2022,  which led to a raise in the credit rating of the Sultanate of Oman, and it is expected that public debt levels will continue to decline to reach 29.4 per cent by 2028."