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The International Monetary Fund forecast that Oman’s non-oil gross domestic product will grow by 1.5 per cent this year and could improve to 4 per cent by 2026 if fiscal measures are successfully carried out.
The sultanate introduced a Medium-Term Fiscal Adjustment Plan that aims to boost non-oil revenue and various other public sector reforms to fuel economic growth, the lender said at the end of its online mission to the Gulf country from January 17 to 31.
“Steady implementation of fiscal adjustment plans would strengthen fiscal and external balances substantially over the medium term,” the IMF said.
However, medium-term fiscal consolidation would weigh on growth, it said.