IMF: Oman Grows With Inflation Under Control
Date
1/23/2025 2:12:09 PM
(MENAFN- Brazil-Arab News Agency (ANBA))
São Paulo – Oman's gross domestic product grew by 1.9% in the first half of 2024 compared to the same period in 2023. The non-oil sector grew by 3.8% in the first six months of 2024 compared to January through June 2023. The data was released on Wednesday night (22) by the International Monetary Fund (IMF ) in a report on the Arab country's finances. The document reports that Oman managed to grow while keeping inflation under control, with an increase of 0.6% in the first half of 2024.
“Prudent fiscal policy, high oil prices, and robust growth in nonhydrocarbon goods and services exports helped maintain the overall fiscal and current account balances at 6.2% of GDP and 2.4% of GDP, respectively, in 2024,” the IMF reported. Government debt as a share of GDP continued its declining path to reach 35%.
The IMF says that non-oil sector grew on the back of expansion in construction, manufacturing, and services. The report goes on to say that the banking sector remains sound, but that Oman's economy could be affected by geopolitical tensions as well as a global slowdown.
Among the effects that could result from these are a reduction in foreign direct investment (FDI) to Oman, as well as a decline in tourist arrivals to the country. Low oil prices will also be a challenge for Oman, which, according to the IMF, needs to continue implementing economic diversification, fiscal reforms, and efforts to reduce the cost of electricity generation, transmission, and distribution.
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Translated by Guilherme Miranda
© Mohammed Mahjoub/AFP
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