Oman’s economy to recover, real GDP to grow by 4.5% in 2022: MOE

Oman’s economy to recover, real GDP to grow by 4.5% in 2022
Oman’s economy to recover, real GDP to grow by 4.5% in 2022

Muscat: 2022 World Economic Situation and Prospects report expects that Omani economy will continue to recover and (real) GDP to grow by 4.5% in 2022.

These projections are in line with the global economic recovery, which the report asserts remains cautions and is marked with uncertainty , said in statement Ministry of Economy.

The report said that the global economic recovery is cautious as the world Is still facing new waves of coronavirus infections

The key economic challenges are :

Persistent labour market challenges

Higher unemployment rates

Lingering supply chain issues

Rising inflationary pressures

The global economy is expected to grow by : 3.5% in 2023, 4% in 2022

After global economic recession by 3.4% in 2020. And following a realized growth rate by 5% in 2021.

The basic scenarios for the report forecasts that the world trade in goods and commodities will grow by 5.5% in 2022 following 11% growth in 2021.

As per the current forecast, half of the world economies will surpass the pre Covid-19 pandemic production levels by at least 7% in 2023.

The global recovery in production in 2021 was mainly driven by strong consumer spending, increase in investments and trade in good which surpassed pre Covid-19 levels .

The global GDP in 2021 was 1.9% higher than 2019 but still 3.3% below the expected rate before the Covid-19 pandemic.

The report observed that the investment activities in many parts of the world have recovered after the recession resulting from the pandemic due to the following:-

Alleviating Covid-19 pandemic restrictions and closedowns of businesses.

Large financial incentive packages and stimulating fiscal policies.

After the recession of investments 2.7% in 2020. The global investment grew by 7.5% in 2021.

Oman’s economic recovery outlook compared to regional economies (West Asia) according to 2022 World Economic Situation and Prospects Report

Oman’s real GDP growth rate up to 2023, according to the 2022 World Economic Situation and Prospects Report

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.