Oman to be fastest growing GCC economy in 2023: World Bank

Oman is set to become the fastest growing economy among the six GCC nations in 2023 with a 4.3 percent projected growth, according to a report by the World Bank.The World Bank, however, predicted slowing of GDP growth across the GCC, revising its 2023 economic growth projection for the GCC downwards to 3.2%, from 3.7% forecast in October.The report said that Oman is expected to perform better than its fellow GCC nations amid this decelerating growth scenario. It said: “In the GCC, growth is expected to slow to 3.2 per cent in 2023 and to 3.1 per cent in 2024. This comes after the GCC grew 7.3 per cent in 2022. The fastest growing economy within the GCC in 2023 is projected to be Oman, at 4.3 percent growth.”