While the General Budget for 2023 will be unveiled today, there are several other laws that are keenly awaited in the new year. According to the pre-budget briefing last week, the budget 2022 recorded a surplus of 1.146 million in 2022 based on higher crude prices. Amid optimism, there are warnings of economic recession.
According to the Economic Outlook Report 2022 of the International Monetary Fund (IMF), the prolonged Covid-19-related lockdown in China and the Ukraine-Russia conflict are expected to impact the global economy adversely in the coming year due to disruptions in global supply chains, energy and food prices.
The International Monetary Fund has predicted global inflation will hit 6.5 per cent next year, down from 8.8 per cent in 2022. Developing economies are expected to have less relief, with inflation projected to only ease to 8.1 per cent in 2023. The IMF has estimated that the global economy will grow just 2.7 per cent in 2023, down from 3.2 per cent in 2022.
The OECD has projected a less lofty performance this year of 2.2 per cent growth, compared with 3.1 per cent in 2022.
Increased economic integration and cooperation in the field of smart services via digital transformation and in the sectors of education and labour will help boost the overall economic development of the GCC - the combined economy is close to two trillion dollars, according to economic experts.
The Council of Oman is currently discussing a set of laws referred to it by the government, including the Labour Law, which will also include the government sector jobs apart from that of the private sector, the Higher Education Law, and the Social Protection Law that allows a government employee in the Sultanate of Oman to retire early with a pension.
Employees who have completed 20 years in service will be entitled to retire if the draft law gets clearance from the Council of Ministers. Now the minimum age for voluntary retirement is 30 years.
Real Estate Development Law and Small and Medium Enterprises Law are also being discussed.
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