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Oman: Slower growth than its GCC peers

Omani economic growth is faltering, according to the latest International Monetary Fund estimates, making it the poorest performer among Gulf Co-operation Council countries. While the Fund’s previous World Economic Outlook, published in October, forecast that Oman would be the fastest growing economy in the bloc this year, with 5% predicted GDP growth, the IMF’s early April WEO slashed this to just 1.1%, making it the slowest-growing GCC economy. Oman’s economic problems are reflected by the big three ratings agencies, which have all lowered Muscat’s sovereign credit rating to ‘junk’ status.

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