Sul­tanate’s GDP to grow 3.7 per cent next year

Oman Daily Observer - - FRONT PAGE -

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.

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