Friday, March 29, 2024 | Ramadan 18, 1445 H
clear sky
weather
OMAN
25°C / 25°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Fox Economic hails economic transformation in Sultanate

minus
plus

BARCELONA: The Barcelona-based Fox Economic Inc said in a report it published that the Omani economy is witnessed a remarkable economic transformation due to the recovery of oil prices and the diversification efforts led by the government.


It added that the regional global demand led to 25 per cent growth in the Sultanate’s non-oil exports during the period from January to October 2017. It added that the production of refineries and petroleum industries grew at similar rates during January and February 2018.


The incorporation forecast that the Omani national economy will post more growth this year, thanks to the production increase plan from Khazzan gas field and the economic diversification initiatives which focus on enhancing non-oil exports and tourism. It also expected that the MENA region will witness 2.8 per cent growth rate in 2018; about 0.1 point per cent less compared to last month estimates.


The report pointed out that this growth is augmented by the recovering oil prices, the expansionary financial policies by the key oil exporters. It added that the growth of the global economy will provide addition driver for recovery.


— ONA


SHARE ARTICLE
arrow up
home icon