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23/06/2025 05:11 AST
The World Bank's 2024 Gulf Economic Update report highlighted that the Sultanate of Oman has achieved significant positive fiscal and economic results despite regional and global challenges.
The report affirmed that Oman's economic performance reflects the success of its fiscal and economic policies amid global changes, aligning with the priorities of economic diversification and financial sustainability under "Oman Vision 2040."
It noted that Oman has recorded fiscal surpluses in recent years due to government measures to improve financial performance, as well as a current account surplus driven by growth in non-oil exports and services exports, strengthening its external position.
The report praised Oman's reduction of public debt from 68% to 35% of GDP, demonstrating its commitment to fiscal sustainability, along with its credit rating upgrade to an investment-grade level (BBB-) by S&P in 2024.
Additionally, Oman maintained low inflation at 0.6% in 2024, compared to the GCC average of 2%. Looking ahead, the report projected continued current account surpluses and growth in non-oil exports, supported by fiscal discipline and economic diversification efforts.
For the broader GCC, the report forecasted economic growth of 3.2% in 2025 and 4.5% in 2026, with the oil sector expected to grow by 5.7% and the non-oil sector by 4.9% in the medium term, while inflation remains low.
Times of Oman
03/12/2025
OQ Gas Networks (OQGN), the sole operator of Oman's natural gas transportation network, has signed an agreement to acquire a gas transportation pipeline in Block 61, which hosts the Khazzan and Ghaze
Muscat Daily
04/08/2025
Integrated Gas Company (IGC), the state-owned entity overseeing Oman's entire gas supply chain, has announced its approval for the implementation of a major new gas pipeline project to meet the grow
Muscat Daily
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03/12/2025
The periodic meeting of the Coordination Committee in the fields of Trade, Industry and Economy, stemming from the Omani-Saudi Coordination Council, held a meeting in Riyadh, Kingdom of Saudi Arabia,
Times of Oman
03/12/2025
QatarEnergy LNG is preparing for the startup of major new facilities as 2026 ushers in, according to its top official.
Looking at the future, 2026 will be a "landmark" year as QatarEnergy LN
Gulf Times
03/12/2025
Saudi Arabia and the US, along with several companies and institutions from both nations, signed a series of agreements and memoranda of understanding during Crown Prince Mohammed bin Salman's visit
Arab News
03/12/2025
Siemens Saudi Arabia expects annual growth in its operations to exceed 15 percent, driven by ongoing industrial and infrastructure expansion in the Kingdom as well as preparations for the 2034 World
Arab News
03/12/2025
The Arab region's economy is forecast to expand to $4 trillion in 2026, rising 5.6 percent from the previous year as 19 countries contribute to the growth, a new assessment showed.
Accordin
Arab News
Financial Information Co.
Saudi Arabia