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China to support Oman's economic rebound in 2024

Oman is expected to go from one of the Middle East’s lowest growth rates this year to the region’s highest in 2024. Here's how China will help it get there.

Chinese investors pose for a picture in the land where an industrial city, including an oil refinery, is due to be built following an economic agreement, in the port town of Duqm on May 24, 2016 . Chinese investors signed a deal with Oman's government to establish an industrial city, including an oil refinery, in the port town of Duqm, both sides said in a joint statement. The agreement signed during the ceremony in Muscat would open way for investments worth $10.7 billion by 2022 to finance industrial proj
To:

Al-Monitor Pro Members

From:

Sebastian Castelier

Business journalist covering Gulf economies

Date:

May 10, 2023

Bottom Line:

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.