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Muscat: Oman’s financial system continues to develop, and inflation is contained at low ranges, in accordance with the Worldwide Financial Fund (IMF).
IMF employees groups led by Cesar Serra, visited Muscat, Oman, throughout June 6-14, 2023 to debate financial and monetary developments, the outlook, and the nation’s coverage and reform priorities and
conveyed their preliminary findings.
In a press release issued, IMF mentioned actual
GDP grew by 4.3 p.c in 2022, primarily pushed by a powerful enlargement of the hydrocarbon sector. “Financial development is, nonetheless, projected to decelerate to 1.3 p.c in 2023 after which rebound to 2.7 p.c in 2024, reflecting oil manufacturing cuts by OPEC+ and average development within the non-hydrocarbon sector attributable to recovering however nonetheless subdued building exercise, a slowdown in international financial exercise, and tighter monetary circumstances,” IMF said.
Nonetheless, non-hydrocarbon development is projected to rise to 2 p.c in 2023 and a couple of.5 p.c in 2024, from 1.2 p.c in 2022. “Headline inflation eased from 2.8 p.c (year-over-year) in 2022 to 1.1 p.c by April 2023 (year-over-year), reflecting decrease meals inflation and a stronger US greenback,” IMF mentioned.
“Going ahead, the authorities’ structural agenda below Oman’s Imaginative and prescient 2040 will assist stronger, non-public sector-led, job-rich non-hydrocarbon development whereas entrenching fiscal and exterior sustainability. Precedence areas embody permitting forgreater labor market flexibility, enhancing social safety and insurance coverage, bettering tax assortment effectivity, strengthening medium-term fiscal frameworks, enhancing the efficiency and transparency of the SOE sector, creating an investor-friendly enterprise surroundings, accelerating the tempo of digitalization, growing the monetary sector, and investing in inexperienced power to assist handle local weather challenges and leverage the worldwide power transition,” IMF added.
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