Muscat, Oman – Standard Chartered forecasts that Oman’s continued improvements in fiscal performance, deleveraging and commitment to reform could enable the Sultanate to regain its investment-grade rating as early as 2024, according to its Global Focus 2024 report.

This comes against a backdrop of a marginally slower growth projection for global GDP at 2.9%, a result of the most aggressive cycle of monetary tightening in years, says the report. 

The report also states that policymaking in Oman will likely focus on pro-growth structural reforms to improve the business environment, attract FDI and execute IPOs, which should help stimulate investment and consumption while avoiding further disinflationary risk.

Standard Chartered also projects Oman’s public debt falling to 34% of GDP by end-2024 on sustained twin surpluses.

The Bank sees growth in the non-oil sector (c.70% of real GDP) picking up to 2.5% in 2024, driven by sectors such as tourism, manufacturing and trade, whilst overall economic growth is expected to be slow with subdued inflation.

Hussain Al-Yafai, CEO of Standard Chartered Oman, said: "We expect the Sultanate of Oman to continue to demonstrate resilience in the face of global uncertainties and project a positive credit rating trajectory in 2024 as a result of its strong fiscal performance and reform efforts.”

For further information please contact:
Noora Abul
Corporate Affairs, Brand & Marketing

About Standard Chartered

We are a leading international banking group, with a presence in 52 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn, Instagram and Facebook.