Stable Oman among safest in the world
Fiscal reforms have helped the country weather the global downturn, says WEF report
MUSCAT: Oman is one of the safest and most financially sound countries in the world, according to a global report. And the country’s “substantial fiscal reforms” have helped weather the tough global downturn, according to the new report by the World Economic Forum (WEF).
The Sultanate was ranked first out of 137 countries in terms of its rate of inflation, clocked at just 1.1 per cent.
Oman was also placed third globally for having the least amount of organised crime and fifth because of its low rate of ille- gal financial activity, in the WEF’s Global Competitiveness Report for 2017-18.
Low taxes meant Oman came sixth worldwide as a destination people wanted to work in, and ninth as one where organisations were happy to invest.
Its police force was also ranked one of the most efficient in the world, with the country also being ranked 10th in the world for effective government spending. Residents and experts welcomed the findings, and couldn’t agree more.
Oman also has the world’s lowest prevalence of malaria and HIV, according to indicators in the globally recognised report.
The Sultanate jumped four places to be ranked 62nd across 137 economies in the world.
“Oman improves in terms of its macro-economic environment and higher education and training,” said the report. “The government is passing substantial fiscal reforms to help the economy adjust to the new situation of low oil prices and preserve the sustainability of public finances.
“These reforms include a cut in fuel subsidies and other distortive fiscal measures, an increase in corporate tax and the introduction of a GCC-wide VAT system in 2018.”