Oman economy to perform better in 2018

NEW YORK: A recent report published by the New York based Thomson Reuters News Agency said that as per the forecast growth rate, budget deficit and the status of the balance of payments, the Omani economy is expected to perform well in 2018.
The agency said that its forecast is supported by the data published by the IMF this month after reviewing the financial and monetary condition of the Sultanate. It said that any improvement in the economy in an environment characterised by oil price drop ‘is not easy’ and may be an evidence of the Sultanate’s government’s ability to achieve good results.
The agency said that IMF forecasts a 3.7-per cent growth in Oman’s real GDP for 2018. IMF estimated that the Oman’s deficit as percentage of the GDP will decrease from 18.6 per cent in 2016 to 14.3 per cent in 2018, which in itself ‘a milestone achievement’.
The report said that Omani officials endeavour to enhance the export opportunities gradually, especially the consumable materials produced at Sohar Industrial Zone. It pointed out that the Sultanate has a number of industrial complexes, free economic zones and world-class ports that altogether provide a solid platform for enhancing export revenues. — ONA