Oman's growth at market prices to stand at 7.9 percent in 2022

(MENAFN)The World Bank reported that Oman is nominated for the fastest economic expansion in the Middle East North Africa (MENA) region in 2022. Also, it is expected that the sultanate is going to beat many confrontations like current low oil prices and the global pandemic. Based on a study, declaring the sultanate ahead of 15 other countries in the region is a result of Oman’s real GDP expansion at market prices which is expected to reach 7.9 percent in the following year. The report further stated that Kuwait, which is in the gulf area, will witness 3.1 percent expansion, with Qatar reaching 3 percent, Bahrain 2.5 percent, the UAE 2.4 percent, and Saudi Arabia 2.2 percent. It indicates an amazing change for Oman, which the World Bank expected to see a 9.4 percent economic reduction in the past year and just 0.5 percent expansion in the current year. The World Bank report announced that the predictable higher oil prices, which will reach USD50 a barrel in the next year, will be the reason of Oman’s improvement.

MENAFN22052021000045012476ID1102114946