Oman economy to grow by nearly 8 per cent in 2022

SourceTimes of Oman
SectorEconomy
CountryOman

Oman’s predicted rate places it at the front of the GCC countries, in terms of potential growth.Muscat: Oman’s economy is predicted to grow by 7.9 per cent in 2022, according to a new report from the World Bank, placing it among the world’s countries expected to grow fastest.The World Bank’s Global Economic Prospects, which was published in January 2021, and forecasts the growth of developing countries around the world, Oman’s predicted rate also places it at the front of the GCC countries, in terms of potential growth.At 11.8 per cent Niger is expected to grow fastest, according to the  report. It is primarily African and Arab economies that are forecast to expand the most in 2022. Oman aside, the other countries forecast to grow are the Maldives (11.5 per cent), Ethiopia (8.7 per cent), Fiji (8.2 per cent), Iraq (7.3 per cent) and Djibouti (7.2 per cent).Oman’s growth rate is also significantly higher among the GCC countries: Kuwait (3.1 per cent), Qatar (3 per cent), Bahrain (2.5 per cent), the UAE (2.4 per cent), and Saudi Arabia (2.2 per cent)Analysts say the country’s high forecast growth is justified, on account of new plans for achieving the goals of Vision...read more...