China to support Oman's economic rebound in 2024

Al-Monitor Pro Members

Sebastian Castelier

Business journalist covering Gulf economies

May 10, 2023

Oman is expected to have one of the Middle East’s lowest growth in 2023 at 1.7%, down from 4.3% in 2022. However, in 2024 it is expected to boast the region’s highest growth at 5.2%, the International Monetary Fund (IMF) forecasted in April 2023. An IMF spokesperson told Al-Monitor the acceleration in 2024 will be primarily due to an “expected resumption in oil production” following the end of 2022/2023 OPEC+ voluntary output cuts. “In addition, non-hydrocarbon activities are also expected to continue expanding supported by still high oil revenues, robust manufacturing activity and investment, and the authorities’ reforms.” Oman’s economic trajectory follows IMF’s positive forecast for the Middle East and North Africa region, where growth is projected to increase from 3.1% in 2023 to 3.4% in 2024.