Oman’s economy is expected to grow by minimum three percent in 2018, according to the 2018 budget statement, issued by the Ministry of Finance.

“The GDP growth is projected to be positive, at a rate of at least three percent in 2018. This is driven by oil price recovery and efforts to diversify the economy and improve investment climate,” the statement, said.

The gross capital formation data for the period 2014-2017, showed an increase in private sector contribution, to the implementation of investment schemes, rising from 52 percent in 2014, to 60 percent in 2017.

The 2018 budget sets out measures the government will take, to achieve the targeted minimum three percent growth and control inflation rate to maintain per-capita income level.

Oman’s 2018 budget and ninth five-year development plan aim to improve the country’s investment environment and enhance the contribution of private sector in economic growth and diversification.

Despite the financial and economic challenges posed by weak oil prices affecting investment activities and capital markets in the region, the budget statement said Oman’s privatisation scheme is continued. “This scheme is essential to promote and expand participation of private sector in the economic activities. According to the scheme, six state-owned enterprises plan for privatisation during 2018,” it said.

As per the budget statement, Oman also plans to establish a national office for competitiveness, to monitor international indicators, in order to improve the enablers required, to raise Oman’s global competitiveness.

Source: NAM News Network