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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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28/01/2026
Ciel Dubai Marina marked its highly anticipated opening with one of the most audacious aerial celebrations ever staged in the city. In partnership with XDubai and the Dubai Department of Economy and
Trade Arabia
28/01/2026
Bahrain continues to adopt a balanced approach that integrates environmental sustainability with economic development, said Dr Mohamed bin Mubarak Bin Daina, Minister of Oil and Environment and Speci
Trade Arabia
28/01/2026
DIFC Zabeel District, a landmark expansion of Dubai International Financial Centre (DIFC), was launched on Tuesday by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Ministe
Trade Arabia
28/01/2026
Oman on Tuesday signed a financing agreement with the Kuwait Fund for Arab Economic Development to support the second phase of the internal roads project in the Special Economic Zone at Duqm (SEZAD).
Muscat Daily
28/01/2026
Sohar Port and Freezone has signed two agreements with subsidiaries of MAK Germany - Sohar Petrochemicals (a Freezone company) and Sohar International Minerachem - alongside OQ Refineries and Petrole
Muscat Daily
Financial Information Co.
Saudi Arabia