Oman To Be Fastest Growing Economy Within GCC in 2023: World Bank

Oman is set to be the fastest growing economy within the Gulf Cooperation Council (GCC) in 2023, with growth projected to reach 4.3 percent, according to a report by the World Bank.

The report also predicts that the GCC’s economic growth will slow to 3.2 percent in 2023 and 3.1 percent in 2024, after growing 7.3 percent in 2022.

The slowdown is attributed to weakening demand for oil, which is expected to decline from the high levels seen in 2022.

Despite this, Oman is expected to maintain relatively high growth due to increased hydrocarbon production capacity, aided by the development of new natural gas fields.

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