The IMF Increases Oman’s 2021 GDP Forecast to 1.8%, the Highest Revision Within the GCC

The International Monetary Fund (IMF) estimates Oman’s gross domestic product (GDP) to grow 1.8% in 2021, compared to its previous estimate of a 0.8% contraction for 2021.This was outlined in the IMF’s latest World Economic Outlook (WEO) report, published in April 2021.

Why it Matters?

The revision comes on the back of quick and decisive decision-making by Oman as well as the Gulf Cooperation Council (GCC) nations in response to COVID-19, which has helped to control the damage. However, there is a high level of uncertainty with regard to outlooks and prospects, as there are multiple factors to be considered, such as new virus mutations. Vaccination coverage has raised sentiment to a certain degree, but economic recoveries are varied acros...