After registering an expected 6.9% growth rate in 2022, the GCC is set to see GDP expansion moderate – to 2.7% and 2.4% in 2023 and 2024, respectively – as hydrocarbons revenue is constrained by an anticipated global slowdown. For Oman, economic growth is set to ease from 4.4% in 2022 to 4.1% in 2023, before dropping to 1.9% the subsequent year, according to the IMF. Even so, local business sentiment remains robust, with over 60% of GCC-based respondents to OBG’s Global CEO Survey conducted in late 2022 expecting the business climate to improve over the course of 2023. Regional business leaders cited investment in technology and information as the top strategy to drive revenue growth in the coming years. For more information on OBG CEO Surveys, please visit oxfordbusinessgroup.com/ceo-surveys.
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