Oman to grow 3.7% in 2018; deficit to shrink

Oman’s economy is likely to perform well in 2018 based on the expected growth rate and the current budget deficit and balance of payments status, according to a report by Thomson Reuters news agency.
The report is Supported by a set of data published by the International Monetary Fund (IMF) this month after a review the financial and monetary situation of the Sultanate, considering that any improvement in the economy in the current environment of low oil prices is not not easy, it also shows the ability of the sultanate’s government to achieve desirable results.
In its report, IMF expects the economy Oman to grow by 3.7 per cent next year and the budget deficit will drop
from 18.6 per cent of GDP in 2015 to 14.3 per cent a year 2018, which in itself represents an ‘important achievement’.
The report stressed that officials in the Sultanate are working towards the export potential of special commodities consumer products that produced in the Suhar industrial area.
The reports says the Sultanate has a number of industrial parks and free economic zones in addition to
ports that collectively provide means to boost export revenues. The opening of the new terminal
at Muscat International Airport in the first half of 2018 is ‘vital’ for Oman Air and the Omani economy is expected to achieve spectacular results in the future . ONA

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