Muscat: The Omani economy is reviving because of flourishing exports. The United Nations Economic and Social Commission for Western Asia( ESCOA) also added that the expectations of an increase in the growth rate to more than 3% during the year 2023 will boost the growth. .
The “Survey of Economic and Social Developments in the Arab Countries” report recently issued by the United Nations Economic and Social Commission for Western Asia (ESCWA) confirmed that the economic growth of the Sultanate of Oman is witnessing a remarkable recovery and is expected to record a rate of 3.6 percent in 2023 and 3.5 percent in 2024.
The report indicated that the Sultanate benefited from the high oil and gas prices and this aided in boosting the domestic product manufacture and an expansion in the non-oil sectors. There also was an increase in the production of liquefied natural gas to record levels after implementing renovations in the gas production facilities.
The report also pointed out that the Sultanate of Oman's exports are expected to grow this year at a rate of 7 percent and at a rate of 6.5 percent next year.
The report also indicated that the GCC countries are witnessing the fastest pace of their economic growth since 2014, while benefiting from the high oil prices that occurred as a result of the conflict between the Russian Federation and Ukraine.
It was also specified that the growth of other Arab countries is expected to be slower than expected before the crisis, as high oil prices burden middle-income Arab countries. Their food security might also be at risk as a result of the economic sanctions on the Russian Federation, and the disruption of supply chains that will be caused by military actions.
“Some countries face shrinking official development assistance,” the report added