Oman's Ministry of Economy received a delegation from the International Monetary Fund today to review key developments in the economic performance and growth prospects of the Sultanate of Oman for the upcoming period. This meeting is part of the periodic consultations (Article IV consultations for 2026) that will be held from October 25 to November 8, 2026.
Review of Macroeconomic Developments
During this meeting, macroeconomic developments including GDP growth, performance of oil and non-oil activities, inflation rates, and labor market and employment developments along with economic forecasts for the future period were discussed.
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The two sides also examined the direct and indirect impacts of geopolitical developments and regional conflicts on Oman's economy and their implications for oil and gas markets, foreign trade, supply chains, transportation and insurance costs, the industrial sector, logistics activities, and investment.
Opportunities and Challenges for Oman's Economy
In this context, the Ministry of Economy reviewed key economic performances for the first half of 2026, where GDP at constant prices grew by 3.8%, driven by a 9.7% increase in oil activities and a 1.8% growth in non-oil activities.
Discussions focused on the opportunities and challenges arising from regional dynamics, the importance of strengthening national economic resilience, supporting the competitiveness of the manufacturing and services sectors, and developing the transport and logistics ecosystem. These measures aim to enhance Oman's economy's ability to cope with external variables.
Additionally, the topics presented in these consultations included updates related to the Fifth Development Plan (2026–2030), its connection to Oman Vision 2040 goals, strengthening the share of non-oil sectors, attracting investments, and increasing domestic added value for the national economy.
These consultations are held within the framework of ongoing cooperation between the Sultanate of Oman and the International Monetary Fund, as well as efforts to exchange views on economic developments, policies, and reforms that support economic stability and sustainable growth.
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