Oman Projected as Fastest-Growing Economy in GCC for 2023
- Publish date: Sunday، 09 April 2023
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Oman is projected to lead GCC nations in economic growth in 2023 with 4.3% projected growth, according to the World Bank report, while overall GCC GDP growth is projected to slow down to 3.2%, down from 3.7% earlier forecast.
According to the report, Oman is expected to outperform other GCC nations in terms of economic growth in 2023, despite a projected slowdown in GDP growth across the region.
The report attributed Oman's anticipated growth to increased hydrocarbon production capacity, specifically through the development of new natural gas fields.
According to a report by the World Bank titled "Altered Destinies: The Long-Term Effects of Rising Prices and Food Insecurity in the Middle East and North Africa," the economic growth of the wider MENA region is predicted to slow down to 3.0% in 2023, the GCC nations will continue to perform better, but at a reduced rate compared to 2022, with GDP projected to slow down to 3.2% in 2023, from the previously forecasted 3.7% in October.
The MENA region's GDP growth is expected to slow down to 3.0% in 2023 from 5.8% in 2022, according to a report by the World Bank. Real GDP per capita growth is expected to slow down to 1.6% in 2023 from 4.4% in 2022.
Oman is predicted to be the fastest-growing economy among the six GCC nations in 2023, with a projected growth of 4.3%, followed by the UAE at 3.6%, Qatar at 3.3%, Bahrain at 3.1%, and Saudi Arabia at 2.9%.
Food price inflation is identified as the main reason behind the anticipated slowdown in GDP growth in the MENA region.