The International Monetary Fund (IMF) has forecast that the Sultanate will register the highest growth rates in GDP among the GCC states in 2019.
In its report, Economic Outlook for Middle East, the IMF forecast that the Sultanate will post 4.2 per cent GDP growth, followed by Kuwait 3.8 per cent, UAE at three per cent, Bahrain 2.3 per cent and Saudi Arabia 1.7 per cent.
The oil price hike is likely to improve the current accounts at the GCC States in 2018 and 2019, according to the report. The IMF added that each GCC State will likely use different financial tools to enhance its financial resources.
The overall 2018 GDP of the MENA region is expected to drop by 20 points to 3.2 per cent due to the continuous financial acclimatisation and geopolitical risks that affect oil exporters, the report said, adding that the GDP for the region in 2019 is expected to increase by 30 base points to 3.6 per cent which is attributed to the oil production increase after the expiry of OPEC Oil Production Cut Agreement.