Oman’s economy to remain soft
Oman’s economy should move above its 10-year pre-pandemic average in 2024 due to expected recovery in oil GDP amid the ramp-up of operations at the Duqm refinery and improving trade and investment ties with neighnouring Saudi Arabia. The GDP growth will expand at 2.6% next year and reach at 2.7% in 2025, according to FocusEconomics.
Oman maintains an exchange rate system with full convertibility and no restrictions on capital flows. The rial has been officially pegged to the US dollar at a rate of OMR 2.6 per USD since 1986. The current forex regime is likely to stay in place out to 2028.
2024 OUTLOOK
2.6% GDP growth
2.1% Average inflation
4.81% Repo rate
LONG-TERM TRENDS
(3-year average) Year
GDP Growth (In%)
Inflation (In%)
2020-22
1.3
1.1
2023-25
2.4
1.7
2026-28
2.2
1.7
Sectors to Watch
Oil
Tourism
Trade
LNG
30 Federation of GCC Chambers
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