Growth is estimated to have recovered to 2.1 percent in 2018, supported by rising non-hydrocarbon activity and higher oil output. However, the December 2018 OPEC agreement to cut oil production will dampen this recovery in 2019, as growth is projected to slow to 1.2 percent. While narrowing, fiscal and current account deficits remain high, and debt ratios continue to worsen. The main risks to the economic outlook arise from a delay in fiscal adjustment, which will impede debt reduction and negatively affect business confidence and external financing costs in an adverse global environment.
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Details
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Document Date
2019/04/01
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Document Type
Working Paper
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Report Number
136449
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2019/04/29
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Disclosure Status
Disclosed
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Doc Name
Macro Poverty Outlook for Oman
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Keywords
life expectancy at birth; current account deficit; high oil revenue; youth unemployment rate; high oil price; consumer price index; debt service costs; fiscal deficit; external financing; public debt; percent change; increased investment; oil production; Job Creation; export volume; fiscal finance; fiscal adjustment; Public Spending; budget deficit; debt sustainability; investor confidence; imf staff; government operation; consumer spend; global environment; gas field; excise tax; oil output; factor price; food price; primary concern; debt level; real gdp; corporate tax; market price
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Citation
Macro Poverty Outlook for Oman (English). Macro Poverty Outlook (MPO) Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/984551556570728787/Macro-Poverty-Outlook-for-Oman