Washington (NNN-ONA) : Oman’s growth of the real GDP will increase to 2.4% in 2018, and 2.9% in 2019, compared to 0.9% in 2017, according to World Bank report, published on its website, under the theme “Global Economy Outlook.”

The Bank said, growth in the region is projected to fall to 2.1 percent in 2017, as the adverse impact of the Organisation of Petroleum Exporting Countries’ production cuts on oil exporters outweighs modestly improving conditions in oil importers. Growth is expected to pick up to 2.9 percent in 2018, assuming a moderation of geopolitical tensions and an increase in oil prices.

The World Bank forecasts that global economic growth will strengthen to 2.7 percent in 2017, as a pickup in manufacturing and trade, rising market confidence, and stabilising commodity prices, allow growth to resume in commodity-exporting emerging market and developing economies.

The report added that, over the longer term, persistently weak productivity and investment growth could erode long-term growth prospects in emerging market and developing economies that are key to poverty reduction.

“For too long, we’ve seen low growth hold back progress in the fight against poverty, so it is encouraging to see signs that the global economy is gaining firmer footing,” World Bank Group President, Jim Yong Kim, said.

He pointed out that countries must also continue to invest in people and build resilience against overlapping challenges, including climate change, conflict, forced displacement, famine, and disease.”