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.