Oman high in global peace

spending on armaments in 158 countries around the world.

Another global report published by Bloomberg News Network indicates that the Sultanate came fourth at the level of GCC states in terms of inflation index, with the United Arab Emirates leading in GCC states at 0.6 per cent, followed by Qatar (1.2 per cent), Bahrain (1.7 per cent), Kuwait came (3.8 per cent) and Saudi Arabia (5.4 per cent).

Meanwhile, the inflation in Oman dropped to 3.5 per cent by the end of the first quarter of 2012 compared to 3.8 per cent during the corresponding period last year.

Business analyst Ahmed bin Said Kashoob said in a statement to Oman News Agency (ONA) that the inflation rate is a good indicator that encourages consumers to spend, but the rate is still high due to a slump in consumption and reluctance to take commercial loans. The inflation rate should be less than 3 per cent, he added.

Kashoob explained that the current inflation hike is due to an increase in the volume of imports to the Sultanate, compared to exports. He underscored the need to enhance Omani exports.

As for this year’s global peace index, Iceland topped the list of world countries (rating as most peaceful), followed by Denmark, New Zealand, Canada, Japan and Austria, while countries that received the lowest rating included Somalia, Afghanistan, Sudan, Iraq, Congo, Russia and North Korea.