Sultanate’s GDP to grow 3.7 per cent next year

WASHINGTON: A 3.7 per cent growth in real GDP has been predicted for the Sultanate by the International Monetary Fund (IMF) in 2018.
In its report on the outlook of global economy for October 2017, which has been published on its website, the IMF says the deficit in Oman’s balance of payment as a percentage of GDP will decrease from 18.6 per cent in 2016 to 14.3 per cent in 2018.
The report said the global recovery is going on at a faster pace and the picture is different from early next year when the global economy was stumbling and the financial markets were fluctuating.
The world is witnessing a rapid recovery that will push the economies of Europe, China, Japan, the USA and emerging Asia, it said.
Globally, the IMF upped its growth forecast to 3.6 per cent in 2017 and 3.7 per cent in 2018, both 0.1 per cent higher than projections in July.
Global growth in 2016 was 3.2 per cent.
The positive correction for 2018 has been attributed to the relatively key role played by the emerging markets and developing economies.
The report has forecast an improvement of conditions next year in South Sahara in Africa, where the per capita share of GDP has remained unchanged in the past two years.

Meanwhile, the Sultanate will take part in the annual meetings of the World Bank and the IMF, which will be held in Washington, DC, from today. The Sultanate’s delegation includes Tahir bin Salim al Amri, Executive President of the Central Bank of Oman (CBO), Abdul Salam bin Mohammed al Murshidi, CEO of the State General Reserve Fund (SGRF), and officials from the Ministry of Finance and
The meetings of the finance ministers and heads of central banks of 189 member countries will discuss several issues, including the performance of the global economy and its future prospects, the role of the two institutions in promoting global financial stability and supporting sustainable and comprehensive growth of all countries and enhancing social and economic development in member countries.
On the sidelines of the meetings, the Sultanate’s delegation will meet representatives of international banks and financial institutions to discuss the relations between the Sultanate and these institutions.