IMF Experts Conclude 2024 Article IV Consultation Mission with Oman

The IMF team concluded its 2024 Article IV consultations with Oman from October 30 to November 13 in Muscat. The mission noted continued economic expansion, supported by favorable hydrocarbon revenues and ongoing reforms. Oman’s economy grew by 1.2% in 2023 and 1.9% in the first half of 2024, aided by non-hydrocarbon sector growth. Inflation dropped to 0.6% in Jan-Sep 2024, and fiscal and current account balances remain comfortable. Recently, Oman’s sovereign credit rating was upgraded to investment grade, reflecting the country's improving economic fundamentals.