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Oman Business News

Report hails Oman's economic transformation

The Barcelona-based Fox Economic said in a report it published recently that the Omani economy has 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.

Fox Economic also forecast that the Omani national economy will record more growth this year; thanks to the production increase plan from the Khazzan gas field and the economic diversification initiatives, which focus on enhancing non-oil exports and tourism. It also expected that the Middle East and North Africa (MENA) region will witness a 2.8 per cent growth rate in 2018; some 0.1 point per cent less compared to last month’s estimates.

The report pointed out that this growth is augmented by the recovering oil prices, and the expansionary financial policies by key oil exporters. It added that the growth of the global economy will further aid in the Omani economy’s recovery.

Source Link: timesofoman.com

  • Oman Economy
  • Transformation
  • Oil Prices
  • Diversification
  • Fox Economic Report
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